REE Automotive’s (REE) “Buy” Rating Reiterated at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of REE Automotive (NASDAQ:REE) in a research report released on Wednesday,Benzinga reports. HC Wainwright currently has a $15.00 price target on the stock.

REE Automotive Stock Down 3.3 %

Shares of REE opened at $3.87 on Wednesday. The company has a quick ratio of 3.15, a current ratio of 3.21 and a debt-to-equity ratio of 0.17. The company has a 50-day moving average price of $7.45 and a two-hundred day moving average price of $7.42. The stock has a market cap of $53.82 million, a price-to-earnings ratio of -0.42 and a beta of 2.94. REE Automotive has a 12 month low of $2.91 and a 12 month high of $11.72.

REE Automotive (NASDAQ:REE) last announced its quarterly earnings results on Tuesday, December 17th. The company reported ($1.24) EPS for the quarter, missing the consensus estimate of ($0.97) by ($0.27). Equities analysts predict that REE Automotive will post -5.06 EPS for the current fiscal year.

Institutional Investors Weigh In On REE Automotive

Hedge funds and other institutional investors have recently bought and sold shares of the business. Balyasny Asset Management L.P. lifted its position in REE Automotive by 111.0% during the 4th quarter. Balyasny Asset Management L.P. now owns 452,444 shares of the company’s stock valued at $3,995,000 after purchasing an additional 238,013 shares during the period. Millennium Management LLC boosted its stake in REE Automotive by 57.5% in the fourth quarter. Millennium Management LLC now owns 157,495 shares of the company’s stock valued at $1,391,000 after acquiring an additional 57,526 shares during the last quarter. Cruiser Capital Advisors LLC grew its holdings in REE Automotive by 21.6% during the 4th quarter. Cruiser Capital Advisors LLC now owns 152,557 shares of the company’s stock worth $1,347,000 after acquiring an additional 27,057 shares during the period. Northern Trust Corp bought a new stake in shares of REE Automotive during the 4th quarter valued at $1,275,000. Finally, Bank of America Corp DE lifted its stake in shares of REE Automotive by 40.9% in the 4th quarter. Bank of America Corp DE now owns 97,513 shares of the company’s stock valued at $861,000 after purchasing an additional 28,300 shares during the period. 12.74% of the stock is owned by institutional investors and hedge funds.

About REE Automotive

REE Automotive Ltd. operates as an automotive technology company in France, the United Kingdom, the United States, and internationally. The company offers REEcorner, a compact module that integrates critical vehicle drive components comprising as steering, braking, suspension, powertrain, and control between the chassis and the wheel; and REEplatform that allows for the addition of a modular and customizable top hat/cabin design based on customer specifications, without requiring modification to the platform.