REE Automotive Ltd. (NASDAQ:REE) Sees Significant Decrease in Short Interest

REE Automotive Ltd. (NASDAQ:REE) was the target of a large drop in short interest during the month of February. As of February 27th, there was short interest totaling 296,420 shares, a drop of 20.1% from the February 12th total of 370,880 shares. 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 shares are short sold. Approximately 1.3% of the company’s shares are short sold. Based on an average trading volume of 45,181 shares, the days-to-cover ratio is currently 6.6 days.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings started coverage on shares of REE Automotive in a research report on Monday, January 5th. They set a “sell (d-)” rating on the stock. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $8.17.

Hedge Funds Weigh In On REE Automotive

Hedge funds have recently bought and sold shares of the company. Millennium Management LLC raised its holdings in REE Automotive by 9.0% during the fourth quarter. Millennium Management LLC now owns 505,662 shares of the company’s stock worth $371,000 after purchasing an additional 41,763 shares during the last quarter. Potomac Capital Management Inc. acquired a new stake in REE Automotive in the fourth quarter valued at $300,000. Finally, Goldman Sachs Group Inc. purchased a new position in shares of REE Automotive in the first quarter valued at $48,000. 12.74% of the stock is owned by hedge funds and other institutional investors.

REE Automotive Stock Up 4.6%

Shares of NASDAQ REE opened at $0.60 on Tuesday. The firm has a 50-day moving average price of $0.64 and a 200 day moving average price of $0.77. REE Automotive has a 52 week low of $0.51 and a 52 week high of $6.60. The stock has a market capitalization of $13.27 million, a price-to-earnings ratio of -0.08 and a beta of 2.72.

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.