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

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

Analyst Ratings Changes

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

REE Automotive Price Performance

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

REE Automotive (NASDAQ:REE) last announced 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). On average, equities research analysts predict that REE Automotive Ltd. will post -5.06 earnings per share for the current fiscal year.

Hedge Funds Weigh In On REE Automotive

Several institutional investors have recently modified their holdings of REE. Patriot Financial Group Insurance Agency LLC acquired a new position in shares of REE Automotive in the 4th quarter valued at approximately $160,000. Virtu Financial LLC acquired a new position in shares of REE Automotive in the 3rd quarter valued at approximately $138,000. MYDA Advisors LLC acquired a new position in shares of REE Automotive in the 4th quarter valued at approximately $318,000. Fulton Breakefield Broenniman LLC acquired a new position in shares of REE Automotive in the 4th quarter valued at approximately $457,000. Finally, Renaissance Technologies LLC grew its stake in shares of REE Automotive by 5.8% during the 4th quarter. Renaissance Technologies LLC now owns 69,577 shares of the company’s stock worth $614,000 after acquiring an additional 3,800 shares in the last quarter. 12.74% of the stock is currently owned by institutional investors and hedge funds.

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.