REE Automotive (NASDAQ:REE) Stock Rating Reaffirmed by HC Wainwright

REE Automotive (NASDAQ:REE)‘s stock had its “buy” rating reissued by equities researchers at HC Wainwright in a research report issued on Thursday, Benzinga reports. They currently have a $15.00 price objective on the stock. HC Wainwright’s target price would suggest a potential upside of 156.85% from the company’s current price.

Separately, Cantor Fitzgerald reaffirmed an “underweight” rating on shares of REE Automotive in a report on Friday, December 1st.

REE Automotive Stock Performance

Shares of NASDAQ:REE opened at $5.84 on Thursday. The stock’s 50-day moving average is $6.33 and its 200-day moving average is $5.09. The company has a market cap of $61.38 million, a P/E ratio of -0.54 and a beta of 3.05. REE Automotive has a 52-week low of $2.30 and a 52-week high of $13.77.

Hedge Funds Weigh In On REE Automotive

A number of institutional investors and hedge funds have recently added to or reduced their stakes in REE. Balyasny Asset Management LLC acquired a new stake in shares of REE Automotive in the third quarter valued at approximately $216,000. Charles Schwab Investment Advisory Inc. grew its position in shares of REE Automotive by 137.6% during the 1st quarter. Charles Schwab Investment Advisory Inc. now owns 50,250 shares of the company’s stock worth $95,000 after buying an additional 29,100 shares during the period. State Street Corp bought a new stake in shares of REE Automotive during the third quarter worth approximately $90,000. Advisors Asset Management Inc. lifted its holdings in REE Automotive by 50.7% in the first quarter. Advisors Asset Management Inc. now owns 46,722 shares of the company’s stock valued at $89,000 after buying an additional 15,725 shares during the period. Finally, Goldman Sachs Group Inc. boosted its stake in REE Automotive by 65.6% in the second quarter. Goldman Sachs Group Inc. now owns 68,941 shares of the company’s stock valued at $80,000 after acquiring an additional 27,312 shares during the last quarter. 12.74% of the stock is currently owned by institutional investors and hedge funds.

About REE Automotive

REE Automotive Ltd. operates as an automotive technology company in Israel, the United Kingdom, the United States, Germany, and internationally. The company offers REEcorner integrates vehicle components comprising as steering, braking, suspension, powertrain, and control into single compact module between the chassis and the wheel, which is controlled by its electronic unit functions, which includes drive-by-wire, steer-by-wire, break-by-wire, DaaS, smart corners, and design for serviceability; and REEplatform, a modular electric vehicle platform.