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

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

Canoo Stock Down 9.2 %

Shares of NASDAQ:GOEV traded down $0.01 on Friday, reaching $0.09. 66,978,508 shares of the company’s stock were exchanged, compared to its average volume of 13,697,522. The business’s 50-day moving average is $0.52 and its two-hundred day moving average is $1.27. Canoo has a fifty-two week low of $0.08 and a fifty-two week high of $7.08. The firm has a market capitalization of $8.28 million, a price-to-earnings ratio of -0.02 and a beta of 1.14.

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Bank of New York Mellon Corp bought a new position in shares of Canoo in the second quarter worth $392,000. CIBC Asset Management Inc acquired a new stake in Canoo in the second quarter worth about $67,000. Rhumbline Advisers bought a new position in Canoo in the 2nd quarter valued at about $153,000. Daiwa Securities Group Inc. acquired a new position in Canoo during the 2nd quarter valued at about $70,000. Finally, Headlands Technologies LLC bought a new stake in shares of Canoo during the 2nd quarter worth about $60,000. Institutional investors own 36.23% of the company’s stock.

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.