REE Automotive Ltd. (NASDAQ:REE) Receives $3.63 Consensus PT from Analysts

REE Automotive Ltd. (NASDAQ:REE – Get Rating) has been assigned a consensus rating of “Hold” from the six brokerages that are presently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating on the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $3.10.

Separately, Cantor Fitzgerald cut shares of REE Automotive from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $2.00 to $1.00 in a research note on Thursday.

REE Automotive Stock Down 6.1 %

Shares of REE opened at $0.36 on Thursday. REE Automotive has a fifty-two week low of $0.29 and a fifty-two week high of $2.58. The firm’s 50 day moving average price is $0.45 and its 200 day moving average price is $0.59. The company has a market cap of $115.66 million, a P/E ratio of -0.81 and a beta of 1.77.

Hedge Funds Weigh In On REE Automotive

A number of hedge funds have recently added to or reduced their stakes in REE. Sonic GP LLC bought a new position in REE Automotive in the fourth quarter worth $1,524,000. Millennium Management LLC raised its stake in REE Automotive by 664.1% during the second 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 in the last quarter. Invesco Ltd. increased its stake in shares of REE Automotive by 60.1% in the first quarter. Invesco Ltd. now owns 8,157,034 shares of the company’s stock valued at $15,498,000 after buying an additional 3,062,887 shares in the last quarter. M&G Investment Management Ltd. increased its stake in shares of REE Automotive by 10.7% in the second quarter. M&G Investment Management Ltd. now owns 15,487,262 shares of the company’s stock valued at $15,487,000 after buying an additional 1,503,255 shares in the last quarter. Finally, Y.D. More Investments Ltd acquired a new stake in shares of REE Automotive in the fourth quarter valued at $525,000. Institutional investors and hedge funds own 23.53% of the company’s stock.

REE Automotive Company 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.