REE Automotive (NASDAQ:REE) Sees Large Volume Increase

Shares of REE Automotive Ltd. (NASDAQ:REEGet Rating) saw unusually-high trading volume on Friday . Approximately 23,603 shares traded hands during trading, a decline of 98% from the previous session’s volume of 1,240,153 shares.The stock last traded at $1.60 and had previously closed at $1.61.

REE has been the topic of a number of analyst reports. DA Davidson dropped their price objective on REE Automotive from $13.00 to $10.00 in a research note on Wednesday, May 18th. Wells Fargo & Company started coverage on REE Automotive in a report on Friday, March 25th. They issued an “underweight” rating and a $1.00 price objective on the stock. Zacks Investment Research lowered REE Automotive from a “buy” rating to a “hold” rating in a report on Wednesday. Morgan Stanley reduced their target price on REE Automotive from $5.00 to $2.00 and set an “underweight” rating on the stock in a report on Monday, March 14th. Finally, BTIG Research dropped their price objective on REE Automotive from $10.00 to $6.00 in a research report on Wednesday, May 18th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $6.39.

The firm has a 50 day moving average of $1.90 and a 200 day moving average of $3.20. The firm has a market cap of $526.49 million, a price-to-earnings ratio of -0.82 and a beta of 1.20.

REE Automotive (NASDAQ:REEGet Rating) last announced its quarterly earnings data on Thursday, March 3rd. The company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.02. On average, sell-side analysts anticipate that REE Automotive Ltd. will post -0.5 earnings per share for the current fiscal year.

A number of institutional investors have recently modified their holdings of REE. Cable Hill Partners LLC bought a new stake in shares of REE Automotive in the fourth quarter valued at $56,000. Meitav Dash Investments Ltd. grew its position in shares of REE Automotive by 3,960.7% in the fourth quarter. Meitav Dash Investments Ltd. now owns 11,694,774 shares of the company’s stock valued at $64,281,000 after purchasing an additional 11,406,774 shares in the last quarter. Luxor Capital Group LP purchased a new position in shares of REE Automotive in the third quarter valued at $9,988,000. National Bank of Canada FI purchased a new position in shares of REE Automotive in the fourth quarter valued at $64,000. Finally, M&G Investment Management Ltd. purchased a new position in shares of REE Automotive in the fourth quarter valued at $50,209,000. Institutional investors and hedge funds own 23.72% of the company’s stock.

About REE Automotive (NASDAQ:REE)

REE Automotive Ltd. operates in the e-mobility business. The company develops REEcorner technology, which integrates vehicle drive components, including steering, braking, suspension, powertrain, and control into the arch of the wheel. The company also develops REEboard, a flat and modular EV chassis.

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