EV Startup Canoo To Join Russell 3000 Index in Late June
Written by Cláudio Afonso | LinkedIn | X
The stock of U.S. electric vehicle startup Canoo is set to join the Russell 3000 Index, according to a preliminary list of additions posted by FTSE Russell on Friday.
The Russell 3000 Index measures the performance of the 3,000 largest publicly traded companies in the U.S. by market capitalization. Other additions in the list include Aemetis, American Superconductor, Arhaus, and Blend Labs.
Shares of Canoo closed 7.66% higher on Friday at $2.25, despite year-to-date losses nearing 62%. Inclusion in the index boosts visibility and can attract more investors, as many mutual funds and ETFs track the Russell 3000.
The annual Russell US Indexes reconstitution ranks the largest U.S. stocks by market capitalization as of the last day of April.
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Last month, Roth Capital/MKM analyst Craig Irwin lowered the price target on Canoo shares from $4.00 to $3.00, maintaining a Neutral rating. This adjustment followed the EV startup’s earnings results reported earlier.
Canoo announced in early April a partnership with Red Sea Global to conduct trials on three models, namely Canoo‘s Lifestyle Vehicle (LV), Lifestyle Delivery Vehicle (LDV) 190, and the Bulldog pickup truck.
These trials aim to facilitate transportation of visitors between Saudi Arabia’s international airport, resorts, and excursions — the company said in a statement.
In April, the company inked a deal with Jazeera Paints for a electric vehicle deal in Saudi Arabia. Jazeera Paints will initially purchase 20 EVs (LDV 130 and LDV 190 ), with the potential for 160 more, marking the entrance of Canoo into the $30 billion Saudi EV market.
Written by Cláudio Afonso | LinkedIn | X
