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

Canoo Inc. (NASDAQ:GOEV) shares are going to reverse split 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 market closes on Monday, December 23rd.

Canoo Price Performance

NASDAQ GOEV traded down $0.01 during trading hours on Friday, hitting $0.09. The company had a trading volume of 66,978,508 shares, compared to its average volume of 13,697,522. The firm’s 50 day moving average is $0.52 and its 200 day moving average is $1.27. 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 fifty-two week low of $0.08 and a fifty-two week high of $7.08.

Analyst Upgrades and Downgrades

Separately, HC Wainwright dropped their target price on 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 issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $22.71.

Institutional Investors Weigh In On Canoo

A number of hedge funds have recently bought and sold shares of the business. XTX Topco Ltd boosted its stake in Canoo by 191.7% during the 3rd quarter. XTX Topco Ltd now owns 31,659 shares of the company’s stock valued at $31,000 after acquiring an additional 20,805 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new position in Canoo in the second quarter worth about $35,000. Point72 DIFC Ltd bought a new stake in Canoo in the second quarter valued at about $37,000. Headlands Technologies LLC acquired a new stake in Canoo during the second quarter valued at approximately $60,000. Finally, CIBC Asset Management Inc bought a new position in Canoo during the 2nd quarter worth approximately $67,000. Institutional investors and hedge funds 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.