REE Automotive (NASDAQ:REE) Shares Up 1.9% – Here’s Why

REE Automotive Ltd. (NASDAQ:REE)’s stock price rose 1.9% during trading on Thursday . The company traded as high as $0.46 and last traded at $0.4370. Approximately 91,317 shares were traded during mid-day trading, an increase of 14% from the average daily volume of 80,193 shares. The stock had previously closed at $0.4290.

Analysts Set New Price Targets

Separately, Weiss Ratings downgraded shares of REE Automotive from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, April 24th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, REE Automotive presently has a consensus rating of “Sell”.

REE Automotive Stock Up 1.9%

The company’s fifty day simple moving average is $0.53 and its 200-day simple moving average is $0.64. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.18 and a quick ratio of 1.18. The firm has a market capitalization of $13.77 million, a PE ratio of -0.08 and a beta of 2.41.

REE Automotive (NASDAQ:REE) last released its quarterly earnings results on Saturday, May 16th. The company reported ($0.46) earnings per share (EPS) for the quarter. The business had revenue of $0.56 million for the quarter.

Institutional Investors Weigh In On REE Automotive

Large investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. purchased a new stake in shares of REE Automotive during the first quarter valued at $48,000. Patriot Financial Group Insurance Agency LLC grew its holdings in shares of REE Automotive by 242.4% during the first quarter. Patriot Financial Group Insurance Agency LLC now owns 52,900 shares of the company’s stock valued at $32,000 after buying an additional 37,450 shares during the last quarter. Potomac Capital Management Inc. purchased a new stake in shares of REE Automotive during the fourth quarter valued at $300,000. Finally, Millennium Management LLC grew its holdings in shares of REE Automotive by 9.0% during the fourth quarter. Millennium Management LLC now owns 505,662 shares of the company’s stock valued at $371,000 after buying an additional 41,763 shares during the last quarter. 12.74% of the stock is owned by hedge funds and other institutional investors.

About REE Automotive

REE Automotive Ltd. (NASDAQ:REE) is an Israel-based technology company specializing in the design and engineering of fully modular electric vehicle (EV) platforms. Founded in 2011 as a research initiative at the Technion – Israel Institute of Technology, REE Automotive has developed its core offering—the REEcorner—which integrates steering, braking, suspension and powertrain components into a compact unit housed within the wheel arch. This architecture enables manufacturers and fleet operators to pair a flat “skateboard” chassis with a variety of bespoke vehicle bodies, streamlining development cycles and reducing production complexity.

At the heart of REE’s product portfolio is the REEboard platform, a highly scalable EV architecture designed for commercial applications such as last-mile delivery vans, urban shuttles and light-duty trucks.