REE Automotive Ltd. (NASDAQ:REE) Short Interest Down 20.1% in February
by Danessa Lincoln · The Markets DailyREE Automotive Ltd. (NASDAQ:REE – Get Free Report) was the recipient of a significant decline in short interest in February. As of February 27th, there was short interest totaling 296,420 shares, a decline of 20.1% from the February 12th total of 370,880 shares. Approximately 1.3% of the company’s stock are short sold. Based on an average trading volume of 45,181 shares, the days-to-cover ratio is currently 6.6 days. Based on an average trading volume of 45,181 shares, the days-to-cover ratio is currently 6.6 days. Approximately 1.3% of the company’s stock are short sold.
Institutional Trading of REE Automotive
Several hedge funds have recently modified their holdings of REE. Millennium Management LLC grew its position in shares of REE Automotive by 9.0% in the 4th quarter. Millennium Management LLC now owns 505,662 shares of the company’s stock worth $371,000 after buying an additional 41,763 shares during the last quarter. Potomac Capital Management Inc. purchased a new stake in REE Automotive during the fourth quarter valued at approximately $300,000. Finally, Goldman Sachs Group Inc. acquired a new stake in REE Automotive in the first quarter valued at approximately $48,000. 12.74% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Separately, Weiss Ratings initiated coverage on shares of REE Automotive in a report on Monday, January 5th. They set a “sell (d-)” rating on the stock. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, REE Automotive currently has a consensus rating of “Hold” and a consensus price target of $8.17.
Get Our Latest Analysis on REE
REE Automotive Trading Up 1.0%
Shares of REE traded up $0.01 during trading hours on Friday, hitting $0.57. The company had a trading volume of 11,273 shares, compared to its average volume of 51,267. The company has a market capitalization of $12.68 million, a PE ratio of -0.08 and a beta of 2.72. REE Automotive has a one year low of $0.51 and a one year high of $6.60. The company’s fifty day moving average price is $0.64 and its two-hundred day moving average price is $0.77.
About REE Automotive
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.