REE Automotive Ltd. (NASDAQ:REE) Sees Significant Increase in Short Interest
by Renee Jackson · The Cerbat GemREE Automotive Ltd. (NASDAQ:REE – Get Free Report) saw a significant increase in short interest in the month of January. As of January 15th, there was short interest totaling 383,866 shares, an increase of 25.0% from the December 31st total of 307,051 shares. Currently, 1.7% of the shares of the stock are sold short. Based on an average trading volume of 107,050 shares, the days-to-cover ratio is currently 3.6 days. Based on an average trading volume of 107,050 shares, the days-to-cover ratio is currently 3.6 days. Currently, 1.7% of the shares of the stock are sold short.
REE Automotive Price Performance
Shares of REE stock traded down $0.01 on Tuesday, reaching $0.61. 61,644 shares of the stock were exchanged, compared to its average volume of 111,384. The stock has a 50 day moving average price of $0.75 and a 200 day moving average price of $0.79. The stock has a market cap of $13.47 million, a PE ratio of -0.08 and a beta of 2.73. REE Automotive has a one year low of $0.53 and a one year high of $8.39.
Wall Street Analysts Forecast Growth
Separately, Weiss Ratings initiated coverage on shares of REE Automotive in a report on Monday, January 5th. They set a “sell (d-)” rating for the company. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, REE Automotive presently has an average rating of “Hold” and a consensus target price of $8.17.
Institutional Trading of REE Automotive
An institutional investor recently bought a new position in REE Automotive stock. Goldman Sachs Group Inc. acquired a new stake in REE Automotive Ltd. (NASDAQ:REE – Free Report) in the 1st quarter, according to its most recent filing with the SEC. The fund acquired 18,232 shares of the company’s stock, valued at approximately $48,000. Goldman Sachs Group Inc. owned 0.13% of REE Automotive as of its most recent filing with the SEC. 12.74% of the stock is currently owned by hedge funds and other institutional investors.
REE Automotive Company Profile
REE Automotive Ltd. (NASDAQ:REE) is an Israel-based technology company specializing in the design and engineering of fully modular electric vehicle (EV) platforms. Founded in 2011 as a research initiative at the Technion – Israel Institute of Technology, REE Automotive has developed its core offering—the REEcorner—which integrates steering, braking, suspension and powertrain components into a compact unit housed within the wheel arch. This architecture enables manufacturers and fleet operators to pair a flat “skateboard” chassis with a variety of bespoke vehicle bodies, streamlining development cycles and reducing production complexity.
At the heart of REE’s product portfolio is the REEboard platform, a highly scalable EV architecture designed for commercial applications such as last-mile delivery vans, urban shuttles and light-duty trucks.