Verition Fund Management LLC Invests $96,000 in REE Automotive Ltd. (NASDAQ:REE)

Verition Fund Management LLC bought a new position in shares of REE Automotive Ltd. (NASDAQ:REE – Get Rating) during the third quarter, HoldingsChannel.com reports. The institutional investor bought 141,052 shares of the company’s stock, valued at approximately $96,000.

A number of other large investors also recently made changes to their positions in the company. M&G Investment Management Ltd. increased its stake in REE Automotive by 10.7% during the 2nd quarter. M&G Investment Management Ltd. now owns 15,487,262 shares of the company’s stock worth $15,487,000 after acquiring an additional 1,503,255 shares during the period. Invesco Ltd. increased its stake in REE Automotive by 60.1% during the 1st quarter. Invesco Ltd. now owns 8,157,034 shares of the company’s stock worth $15,498,000 after acquiring an additional 3,062,887 shares during the period. Millennium Management LLC increased its stake in REE Automotive by 664.1% during the 2nd quarter. Millennium Management LLC now owns 3,893,527 shares of the company’s stock worth $4,516,000 after acquiring an additional 3,383,946 shares during the period. Renaissance Technologies LLC increased its stake in REE Automotive by 48.6% during the 2nd quarter. Renaissance Technologies LLC now owns 732,100 shares of the company’s stock worth $849,000 after acquiring an additional 239,500 shares during the period. Finally, UBS Group AG bought a new position in REE Automotive during the 3rd quarter worth $277,000. Institutional investors own 23.53% of the company’s stock.

REE Automotive Stock Performance

Shares of REE stock opened at $0.44 on Friday. The stock’s fifty day moving average price is $0.46 and its two-hundred day moving average price is $0.61. The company has a market cap of $142.56 million, a PE ratio of -1.00 and a beta of 1.77. REE Automotive Ltd. has a fifty-two week low of $0.29 and a fifty-two week high of $2.58.

Analysts Set New Price Targets

A number of research firms have commented on REE. BTIG Research lowered REE Automotive from a “buy” rating to a “neutral” rating in a research note on Wednesday, November 16th. Cowen lowered their price objective on REE Automotive from $7.50 to $6.00 and set an “outperform” rating on the stock in a research note on Thursday, November 17th. DA Davidson reduced their target price on REE Automotive from $4.00 to $1.50 in a report on Thursday, November 17th. Finally, Cowen reduced their target price on REE Automotive from $7.50 to $6.00 and set an “outperform” rating on the stock in a report on Thursday, November 17th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, REE Automotive presently has a consensus rating of “Hold” and an average price target of $3.75.

About REE Automotive

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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.