HC Wainwright Reiterates Buy Rating for REE Automotive (NASDAQ:REE)

HC Wainwright restated their buy rating on shares of REE Automotive (NASDAQ:REE) in a research report sent to investors on Wednesday,Benzinga reports. The brokerage currently has a $15.00 price objective on the stock.

REE Automotive Price Performance

NASDAQ REE opened at $3.91 on Wednesday. The business has a 50 day simple moving average of $7.63 and a 200 day simple moving average of $7.44. REE Automotive has a 52-week low of $2.91 and a 52-week high of $11.72. 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 stock has a market cap of $54.38 million, a price-to-earnings ratio of -0.43 and a beta of 2.94.

REE Automotive (NASDAQ:REE) last posted its earnings results on Tuesday, December 17th. The company reported ($1.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.97) by ($0.27). Analysts anticipate that REE Automotive will post -5.06 earnings per share for the current fiscal year.

Hedge Funds Weigh In On REE Automotive

A number of large investors have recently bought and sold shares of the company. Renaissance Technologies LLC boosted its position in 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 during the last quarter. Patriot Financial Group Insurance Agency LLC acquired a new position in REE Automotive during the 4th quarter worth approximately $160,000. Virtu Financial LLC acquired a new position in REE Automotive during the 3rd quarter worth approximately $138,000. Cruiser Capital Advisors LLC boosted its position in REE Automotive by 21.6% during the 4th quarter. Cruiser Capital Advisors LLC now owns 152,557 shares of the company’s stock worth $1,347,000 after acquiring an additional 27,057 shares during the last quarter. Finally, Bank of America Corp DE boosted its position in REE Automotive by 40.9% during the 4th quarter. Bank of America Corp DE now owns 97,513 shares of the company’s stock worth $861,000 after acquiring an additional 28,300 shares during the last quarter. Institutional investors and hedge funds own 12.74% of the company’s stock.

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.