REE Automotive Ltd. (NASDAQ:REE) Short Interest Up 123.6% in June

REE Automotive Ltd. (NASDAQ:REE) was the recipient of a significant increase in short interest in June. As of June 30th, there was short interest totaling 498,155 shares, an increase of 123.6% from the June 15th total of 222,834 shares. Currently, 1.7% of the company’s stock are short sold. Based on an average daily volume of 284,750 shares, the short-interest ratio is presently 1.7 days.

Institutional Trading of REE Automotive

Hedge funds and other institutional investors have recently made changes to their positions in the company. Patriot Financial Group Insurance Agency LLC boosted its position in shares of REE Automotive by 242.4% in the 1st quarter. Patriot Financial Group Insurance Agency LLC now owns 52,900 shares of the company’s stock valued at $32,000 after purchasing an additional 37,450 shares during the period. Millennium Management LLC lifted its stake in REE Automotive by 9.0% in the fourth quarter. Millennium Management LLC now owns 505,662 shares of the company’s stock valued at $371,000 after buying an additional 41,763 shares during the last quarter. Potomac Capital Management Inc. acquired a new stake in shares of REE Automotive in the fourth quarter valued at approximately $300,000. Finally, Goldman Sachs Group Inc. acquired a new stake in shares of REE Automotive in the first quarter valued at approximately $48,000. Institutional investors and hedge funds own 12.74% of the company’s stock.

Analysts Set New Price Targets

Separately, Weiss Ratings lowered REE Automotive from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, April 24th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, REE Automotive has a consensus rating of “Sell”.

REE Automotive Stock Performance

Shares of REE Automotive stock traded up $0.00 during trading hours on Wednesday, hitting $0.08. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.72. The stock’s 50 day moving average price is $0.31 and its two-hundred day moving average price is $0.52. The stock has a market cap of $2.43 million, a P/E ratio of -0.01 and a beta of 2.40. REE Automotive has a 1 year low of $0.07 and a 1 year high of $1.76.

REE Automotive (NASDAQ:REE) last announced its quarterly earnings results on Saturday, May 16th. The company reported ($0.47) EPS for the quarter. The company had revenue of $0.56 million for the quarter.

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.