LeoPatrizi
Canoo (NASDAQ:GOEV) announced on Monday that it has officially joined the broad-market Russell 3000 Index, the small-cap Russell 2000 Index, and the Russell Microcap Index.
The index call-ups for the electric vehicle stock were part of the conclusion of the 2024 Russell U.S. Index annual reconstitution. The annual Russell US Indexes reconstitution captures the 4,000 largest US stocks as of Tuesday, April 30, ranking them by total market capitalization. Membership in the US all-cap Russell 3000 Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000 Index or small-cap Russell 2000 Index, as well as the appropriate growth and value style indexes.
FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes. Notably, Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies.
Shares of Canoo (GOEV) are down 64% on a year-to-date basis. Short interest on the EV stock stands at 15.5% of the total float.