REE Automotive Ltd. (NASDAQ:REE) Short Interest Update

REE Automotive Ltd. (NASDAQ:REE) was the recipient of a large growth in short interest in the month of September. As of September 30th, there was short interest totalling 279,200 shares, a growth of 189.3% from the September 15th total of 96,500 shares. Based on an average daily volume of 285,000 shares, the short-interest ratio is presently 1.0 days. Currently, 5.1% of the company’s stock are sold short.

Hedge Funds Weigh In On REE Automotive

An institutional investor recently bought a new position in REE Automotive stock. M&G Plc acquired a new stake in shares of REE Automotive Ltd. (NASDAQ:REE) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 1,747,014 shares of the company’s stock, valued at approximately $10,482,000. M&G Plc owned about 16.62% of REE Automotive at the end of the most recent reporting period. Institutional investors own 12.74% of the company’s stock.

Analysts Set New Price Targets

Separately, HC Wainwright reiterated a “buy” rating and set a $15.00 price objective on shares of REE Automotive in a research note on Friday, September 27th.

REE Automotive Stock Up 8.8 %

REE Automotive stock traded up $0.57 during trading on Friday, reaching $7.11. The stock had a trading volume of 48,393 shares, compared to its average volume of 870,656. The stock has a market cap of $74.73 million, a PE ratio of -0.79 and a beta of 3.06. The company has a quick ratio of 2.15, a current ratio of 2.21 and a debt-to-equity ratio of 0.06. REE Automotive has a 52-week low of $2.30 and a 52-week high of $8.43. The business has a 50 day moving average price of $4.70 and a 200 day moving average price of $4.43.

REE Automotive Company Profile

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.