REE Automotive (NASDAQ:REE) Trading Up 8.3% – Still a Buy?

REE Automotive Ltd. (NASDAQ:REE)’s stock price traded up 8.3% during mid-day trading on Wednesday . The company traded as high as $0.5990 and last traded at $0.5750. 52,891 shares traded hands during mid-day trading, a decline of 25% from the average session volume of 70,336 shares. The stock had previously closed at $0.5310.

Analyst Ratings Changes

Separately, Weiss Ratings initiated coverage on shares of REE Automotive in a research report on Monday, January 5th. They set a “sell (d-)” rating for the company. 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 data from MarketBeat.com, REE Automotive presently has an average rating of “Hold” and a consensus price target of $8.17.

REE Automotive Price Performance

The firm has a market cap of $12.80 million, a P/E ratio of -0.08 and a beta of 2.72. The company’s 50 day moving average is $0.67 and its two-hundred day moving average is $0.77.

Institutional Trading of REE Automotive

Institutional investors and hedge funds have recently modified their holdings of the company. Millennium Management LLC raised its stake in shares of 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 purchasing an additional 41,763 shares in the last quarter. Potomac Capital Management Inc. acquired a new position in shares of REE Automotive in the 4th quarter valued at $300,000. Finally, Goldman Sachs Group Inc. acquired a new position in shares of REE Automotive in the 1st quarter valued at $48,000. 12.74% of the stock is currently owned by institutional investors.

About REE Automotive

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.