REE Automotive (NASDAQ:REE) Trading Up 2.7% – Here’s Why

REE Automotive Ltd. (NASDAQ:REE)’s stock price shot up 2.7% on Monday . The stock traded as high as $8.12 and last traded at $7.94. 40,729 shares changed hands during trading, a decline of 63% from the average session volume of 110,013 shares. The stock had previously closed at $7.73.

Analysts Set New Price Targets

Separately, HC Wainwright reiterated a “buy” rating and issued a $15.00 price target on shares of REE Automotive in a report on Friday, September 27th.

REE Automotive Stock Up 2.7 %

The firm has a 50-day moving average of $7.32 and a 200 day moving average of $5.19. The company has a current ratio of 2.21, a quick ratio of 2.15 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $83.43 million, a price-to-earnings ratio of -0.89 and a beta of 3.04.

REE Automotive (NASDAQ:REE) last released its quarterly earnings results on Thursday, September 26th. The company reported ($1.19) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.76) by $0.57. REE Automotive had a negative net margin of 6,265.21% and a negative return on equity of 119.91%. On average, sell-side analysts anticipate that REE Automotive Ltd. will post -4.34 earnings per share for the current year.

Institutional Investors Weigh In On REE Automotive

An institutional investor recently bought a new position in REE Automotive stock. Virtu Financial LLC purchased a new position in REE Automotive Ltd. (NASDAQ:REE) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 19,555 shares of the company’s stock, valued at approximately $138,000. Virtu Financial LLC owned about 0.19% of REE Automotive at the end of the most recent quarter. Institutional investors and hedge funds own 12.74% of the company’s stock.

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.