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
About REE Automotive
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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