REE Automotive Ltd. (NASDAQ:REE) Sees Significant Increase in Short Interest

REE Automotive Ltd. (NASDAQ:REE) was the recipient of a significant increase in short interest during the month of June. As of June 30th, there was short interest totaling 498,155 shares, an increase of 123.6% from the June 15th total of 222,834 shares. Based on an average trading volume of 284,750 shares, the short-interest ratio is presently 1.7 days. Approximately 1.7% of the shares of the company are sold short.

Institutional Investors Weigh In On REE Automotive

Hedge funds have recently made changes to their positions in the business. Patriot Financial Group Insurance Agency LLC increased its position in REE Automotive by 242.4% in the 1st quarter. Patriot Financial Group Insurance Agency LLC now owns 52,900 shares of the company’s stock valued at $32,000 after acquiring an additional 37,450 shares during the period. Goldman Sachs Group Inc. acquired a new stake in REE Automotive during the 1st quarter worth approximately $48,000. Potomac Capital Management Inc. purchased a new position in shares of REE Automotive in the 4th quarter valued at approximately $300,000. Finally, Millennium Management LLC grew its stake in shares of REE Automotive by 9.0% in the 4th quarter. Millennium Management LLC now owns 505,662 shares of the company’s stock valued at $371,000 after purchasing an additional 41,763 shares during the last quarter. Institutional investors and hedge funds own 12.74% of the company’s stock.

REE Automotive Stock Performance

Shares of REE Automotive stock opened at $0.08 on Friday. The firm’s fifty day simple moving average is $0.30 and its 200-day simple moving average is $0.51. The stock has a market capitalization of $2.42 million, a price-to-earnings ratio of -0.01 and a beta of 2.40. REE Automotive has a 12 month low of $0.07 and a 12 month high of $1.76. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.18 and a quick ratio of 1.18.

REE Automotive (NASDAQ:REE) last issued its quarterly earnings results on Saturday, May 16th. The company reported ($0.47) earnings per share for the quarter. The company had revenue of $0.56 million for the quarter.

Analysts Set New Price Targets

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

REE Automotive Company Profile

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.