ARK Investment Management LLC Purchases 480,195 Shares of REE Automotive Ltd. (NASDAQ:REE)

ARK Investment Management LLC grew its position in REE Automotive Ltd. (NASDAQ:REEGet Rating) by 82.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,059,878 shares of the company’s stock after acquiring an additional 480,195 shares during the quarter. ARK Investment Management LLC owned 0.33% of REE Automotive worth $1,696,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. UBS Group AG bought a new position in shares of REE Automotive during the 1st quarter worth approximately $36,000. Rafferty Asset Management LLC bought a new position in shares of REE Automotive during the 4th quarter worth approximately $127,000. Goldman Sachs Group Inc. bought a new position in shares of REE Automotive during the 1st quarter worth approximately $79,000. Advisors Asset Management Inc. lifted its position in shares of REE Automotive by 50.7% during the 1st quarter. Advisors Asset Management Inc. now owns 46,722 shares of the company’s stock worth $89,000 after buying an additional 15,725 shares during the period. Finally, Charles Schwab Investment Advisory Inc. lifted its position in shares of REE Automotive by 137.6% during the 1st quarter. Charles Schwab Investment Advisory Inc. now owns 50,250 shares of the company’s stock worth $95,000 after buying an additional 29,100 shares during the period. Institutional investors own 24.59% of the company’s stock.

Analysts Set New Price Targets

Separately, DA Davidson cut their price objective on REE Automotive from $10.00 to $4.00 and set a “buy” rating for the company in a research report on Wednesday, August 17th.

REE Automotive Trading Down 12.3 %

Shares of REE opened at $1.07 on Tuesday. The stock has a fifty day moving average price of $1.20 and a two-hundred day moving average price of $1.55. REE Automotive Ltd. has a 52-week low of $1.05 and a 52-week high of $7.49.

REE Automotive Profile

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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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Institutional Ownership by Quarter for REE Automotive (NASDAQ:REE)

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