Short Interest in REE Automotive Ltd. (NASDAQ:REE) Decreases By 28.6%

REE Automotive Ltd. (NASDAQ:REE) was the recipient of a large decline in short interest in December. As of December 31st, there was short interest totalling 234,400 shares, a decline of 28.6% from the December 15th total of 328,400 shares. Based on an average daily volume of 82,800 shares, the days-to-cover ratio is currently 2.8 days. Currently, 4.2% of the company’s stock are sold short.

Institutional Inflows and Outflows

An institutional investor recently raised its position in REE Automotive stock. M&G PLC grew its position in shares of REE Automotive Ltd. (NASDAQ:REE) by 69.4% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,960,017 shares of the company’s stock after purchasing an additional 1,213,003 shares during the quarter. M&G PLC owned approximately 28.17% of REE Automotive worth $20,720,000 as of its most recent filing with the SEC. Institutional investors and hedge funds own 12.74% of the company’s stock.

Analyst Ratings Changes

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

REE Automotive Stock Down 0.6 %

Shares of NASDAQ:REE traded down $0.05 during trading hours on Friday, reaching $8.80. The stock had a trading volume of 21,351 shares, compared to its average volume of 46,948. The stock has a market capitalization of $92.49 million, a price-to-earnings ratio of -0.96 and a beta of 2.92. The firm’s 50 day moving average is $8.50 and its 200-day moving average is $6.29. REE Automotive has a 1 year low of $2.91 and a 1 year 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.

REE Automotive (NASDAQ:REE) last announced its quarterly 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). Research analysts predict that REE Automotive will post -4.34 earnings per share for the current fiscal year.

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.