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

Shares of Canoo Inc. (NASDAQ:GOEV) 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 market closes on Monday, December 23rd.

Canoo Trading Down 9.2 %

Canoo stock traded down $0.01 during trading 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 stock has a market cap 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 company’s 50 day simple moving average is $0.52 and its 200-day simple moving average is $1.27.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright dropped their price objective on Canoo from $4.00 to $2.00 and set a “buy” rating for the company in a research note on Friday, November 15th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $22.71.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of GOEV. Geode Capital Management LLC raised its position in Canoo by 25.6% in the 3rd 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 in the last quarter. Virtu Financial LLC acquired a new stake in Canoo in the third quarter valued at approximately $280,000. Bank of New York Mellon Corp purchased a new position in Canoo in the second quarter worth approximately $392,000. Rhumbline Advisers acquired a new position in Canoo during the 2nd quarter worth approximately $153,000. Finally, State Street Corp increased its position in shares of Canoo by 2.8% in the 3rd 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 last quarter. 36.23% of the stock is currently owned by hedge funds and other institutional investors.

Canoo Company Profile

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.