REE Automotive (NASDAQ:REE) Trading Up 8.3% – Still a Buy?

REE Automotive Ltd. (NASDAQ:REE)’s share price rose 8.3% during mid-day trading on Wednesday . The stock traded as high as $0.5990 and last traded at $0.5750. Approximately 52,891 shares were traded during mid-day trading, a decline of 25% from the average daily volume of 70,336 shares. The stock had previously closed at $0.5310.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings initiated coverage on REE Automotive in a report on Monday, January 5th. They issued a “sell (d-)” rating on the stock. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $8.17.

REE Automotive Stock Performance

The company has a market cap of $12.80 million, a price-to-earnings ratio of -0.08 and a beta of 2.72. The company’s 50 day moving average price is $0.67 and its 200 day moving average price is $0.77.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in REE. Goldman Sachs Group Inc. acquired a new stake in REE Automotive in the 1st quarter worth approximately $48,000. Potomac Capital Management Inc. bought a new position in shares of REE Automotive in the fourth quarter valued at approximately $300,000. Finally, Millennium Management LLC lifted its stake in shares of REE Automotive by 9.0% in the fourth 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. Institutional investors and hedge funds own 12.74% of the company’s stock.

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.