Canoo Stock Scheduled to Reverse Split on Tuesday, December 24th (NASDAQ:GOEV)

Canoo Inc. (NASDAQ:GOEV) shares are going to reverse split before the market opens on Tuesday, December 24th. The 1-20 reverse split was announced on Friday, December 20th. The number of shares owned by shareholders will be adjusted after the closing bell on Monday, December 23rd.

Canoo Stock Down 9.2 %

NASDAQ GOEV traded down $0.01 during trading hours on Friday, reaching $0.09. The company’s stock had a trading volume of 66,978,508 shares, compared to its average volume of 13,697,522. The company has a market capitalization of $8.28 million, a price-to-earnings ratio of -0.02 and a beta of 1.14. Canoo has a 1 year low of $0.08 and a 1 year high of $7.08. The firm’s 50-day moving average price is $0.54 and its 200-day moving average price is $1.28.

Wall Street Analyst Weigh In

Separately, HC Wainwright reduced their price target on shares of Canoo from $4.00 to $2.00 and set a “buy” rating on the stock in a report on Friday, November 15th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Canoo presently has an average rating of “Moderate Buy” and an average target price of $22.71.

Institutional Investors Weigh In On Canoo

Several large investors have recently bought and sold shares of the business. Geode Capital Management LLC lifted its position in Canoo by 25.6% during the third quarter. Geode Capital Management LLC now owns 1,679,627 shares of the company’s stock valued at $1,652,000 after purchasing an additional 341,897 shares during the last quarter. Virtu Financial LLC purchased a new position in Canoo in the third quarter worth about $280,000. Bank of New York Mellon Corp purchased a new position in Canoo in the second quarter worth about $392,000. Rhumbline Advisers bought a new stake in Canoo during the second quarter worth approximately $153,000. Finally, State Street Corp raised its position in Canoo by 2.8% during the third quarter. State Street Corp now owns 2,309,656 shares of the company’s stock valued at $2,272,000 after purchasing an additional 63,652 shares during the period. Institutional investors own 36.23% of the company’s stock.

About Canoo

Canoo Inc, a mobility technology company, designs, develops, markets, and manufactures electric vehicles for consumer, commercial fleet, government, and military customers in the United States. the company utilizes its multi-purpose platform architecture, a self-contained, fully functional rolling chassis that directly houses the critical components for operation of an electric vehicle, including its in-house designed proprietary electric drivetrain, battery systems, advanced vehicle control electronics and software, and other critical components.