REE Automotive (NASDAQ:REE) Given “Buy” Rating at HC Wainwright

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

REE Automotive Stock Performance

Shares of REE Automotive stock opened at $3.87 on Wednesday. The company has a debt-to-equity ratio of 0.17, a current ratio of 3.21 and a quick ratio of 3.15. The firm has a market cap of $53.82 million, a price-to-earnings ratio of -0.42 and a beta of 2.94. REE Automotive has a one year low of $2.91 and a one year high of $11.72. The stock’s 50-day moving average is $7.45 and its 200-day moving average is $7.42.

REE Automotive (NASDAQ:REE) last issued its quarterly earnings results on Tuesday, December 17th. The company reported ($1.24) earnings per share for the quarter, missing the consensus estimate of ($0.97) by ($0.27). Equities analysts predict that REE Automotive will post -5.06 earnings per share for the current fiscal year.

Hedge Funds Weigh In On REE Automotive

Large investors have recently modified their holdings of the business. Patriot Financial Group Insurance Agency LLC acquired a new stake in shares of REE Automotive in the 4th quarter valued at approximately $160,000. Virtu Financial LLC bought a new stake in shares of REE Automotive in the 3rd quarter valued at about $138,000. MYDA Advisors LLC acquired a new stake in REE Automotive in the 4th quarter valued at about $318,000. Fulton Breakefield Broenniman LLC acquired a new position in REE Automotive during the fourth quarter worth approximately $457,000. Finally, Renaissance Technologies LLC raised its stake in REE Automotive by 5.8% in the fourth quarter. Renaissance Technologies LLC now owns 69,577 shares of the company’s stock valued at $614,000 after buying an additional 3,800 shares during the period. 12.74% of the stock is currently owned by institutional investors and hedge funds.

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.