REE Automotive Ltd. (NASDAQ:REE) Sees Large Increase in Short Interest

REE Automotive Ltd. (NASDAQ:REE) was the target of a large growth in short interest in the month of June. As of June 30th, there was short interest totaling 498,155 shares, a growth of 123.6% from the June 15th total of 222,834 shares. Currently, 1.7% of the shares of the company are short sold. Based on an average trading volume of 284,750 shares, the days-to-cover ratio is currently 1.7 days.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings cut shares of REE Automotive from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, April 24th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock presently has an average rating of “Sell”.

REE Automotive Stock Up 0.1%

REE traded up $0.00 during trading on Wednesday, hitting $0.08. The company has a market cap of $2.43 million, a PE ratio of -0.01 and a beta of 2.40. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.18 and a quick ratio of 1.18. REE Automotive has a twelve month low of $0.07 and a twelve month high of $1.76. The firm has a 50-day moving average price of $0.31 and a 200 day moving average price of $0.52.

REE Automotive (NASDAQ:REE) last issued its earnings results on Saturday, May 16th. The company reported ($0.47) earnings per share for the quarter. The firm had revenue of $0.56 million for the quarter.

Hedge Funds Weigh In On REE Automotive

A number of large investors have recently modified their holdings of the business. Goldman Sachs Group Inc. purchased a new position in shares of REE Automotive during the 1st quarter worth approximately $48,000. Potomac Capital Management Inc. acquired a new position in REE Automotive during the fourth quarter worth $300,000. Millennium Management LLC grew 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 acquiring an additional 41,763 shares during the period. Finally, Patriot Financial Group Insurance Agency LLC raised its position in REE Automotive by 242.4% in the first quarter. Patriot Financial Group Insurance Agency LLC now owns 52,900 shares of the company’s stock worth $32,000 after acquiring an additional 37,450 shares in the last quarter. 12.74% of the stock is owned by hedge funds and other institutional investors.

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.