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

Shares of Canoo Inc. (NASDAQ:GOEV) are scheduled 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 Stock Down 9.2 %

GOEV traded down $0.01 during mid-day trading on Friday, reaching $0.09. 66,978,508 shares of the company traded hands, compared to its average volume of 13,697,522. The stock has a market capitalization of $8.28 million, a P/E ratio of -0.02 and a beta of 1.14. Canoo has a 52-week low of $0.08 and a 52-week high of $7.08. The company’s fifty 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 lowered 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 research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $22.71.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in GOEV. The Manufacturers Life Insurance Company purchased a new stake in Canoo in the 2nd quarter worth approximately $35,000. Point72 DIFC Ltd purchased a new stake in shares of Canoo in the second quarter worth $37,000. Headlands Technologies LLC bought a new stake in shares of Canoo during the 2nd quarter valued at $60,000. CIBC Asset Management Inc purchased a new position in shares of Canoo during the 2nd quarter valued at $67,000. Finally, XTX Topco Ltd boosted its holdings in Canoo by 191.7% in the 3rd quarter. XTX Topco Ltd now owns 31,659 shares of the company’s stock worth $31,000 after buying an additional 20,805 shares during the period. 36.23% of the stock is 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.