REE Automotive (NASDAQ:REE) Stock Price Down 3.2% – What’s Next?

REE Automotive Ltd. (NASDAQ:REE) fell 3.2% during mid-day trading on Thursday . The company traded as low as $7.71 and last traded at $7.85. 18,995 shares changed hands during mid-day trading, a decline of 47% from the average session volume of 35,654 shares. The stock had previously closed at $8.11.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reissued a “buy” rating and issued a $15.00 price target on shares of REE Automotive in a research report on Monday, December 23rd.

REE Automotive Stock Down 1.1 %

The business’s 50-day moving average price is $8.72 and its 200-day moving average price is $7.08. The company has a quick ratio of 3.15, a current ratio of 3.21 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $107.94 million, a PE ratio of -0.85 and a beta of 2.92.

REE Automotive (NASDAQ:REE) last issued its quarterly earnings data on Tuesday, December 17th. The company reported ($1.24) earnings per share for the quarter, missing the consensus estimate of ($0.97) by ($0.27). As a group, equities research analysts predict that REE Automotive Ltd. will post -5.06 EPS for the current fiscal year.

Hedge Funds Weigh In On REE Automotive

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Virtu Financial LLC bought a new position in shares of REE Automotive in the third quarter valued at approximately $138,000. Patriot Financial Group Insurance Agency LLC bought a new position in shares of REE Automotive in the fourth quarter valued at approximately $160,000. MYDA Advisors LLC bought a new position in shares of REE Automotive in the fourth quarter valued at approximately $318,000. Fulton Breakefield Broenniman LLC bought a new position in shares of REE Automotive in the fourth quarter valued at approximately $457,000. Finally, Renaissance Technologies LLC raised its position in shares of REE Automotive by 5.8% in the fourth quarter. Renaissance Technologies LLC now owns 69,577 shares of the company’s stock valued at $614,000 after purchasing an additional 3,800 shares during the period. Institutional investors own 12.74% of the company’s stock.

About REE Automotive

REE Automotive Ltd. operates as an automotive technology company in France, the United Kingdom, the United States, and internationally. The company offers REEcorner, a compact module that integrates critical vehicle drive components comprising as steering, braking, suspension, powertrain, and control between the chassis and the wheel; and REEplatform that allows for the addition of a modular and customizable top hat/cabin design based on customer specifications, without requiring modification to the platform.