REE Automotive Ltd. (NASDAQ:REE) Receives Consensus Rating of “Hold” from Brokerages

Shares of REE Automotive Ltd. (NASDAQ:REEGet Rating) have received an average rating of “Hold” from the six ratings firms that are currently covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a sell recommendation, one has given a hold recommendation and three have issued a buy recommendation on the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $9.40.

Several brokerages recently commented on REE. Wells Fargo & Company initiated coverage on shares of REE Automotive in a research report on Friday, March 25th. They set an “underweight” rating and a $1.00 price objective on the stock. Morgan Stanley cut their price target on shares of REE Automotive from $5.00 to $2.00 and set an “underweight” rating on the stock in a report on Monday, March 14th. Cantor Fitzgerald began coverage on shares of REE Automotive in a report on Friday, January 14th. They issued an “overweight” rating and a $9.00 price objective for the company. Finally, Zacks Investment Research upgraded REE Automotive from a “sell” rating to a “hold” rating in a research note on Thursday, April 7th.

Shares of REE opened at $2.04 on Tuesday. The stock has a 50 day moving average of $2.36. REE Automotive has a 52 week low of $1.75 and a 52 week high of $11.66.

REE Automotive (NASDAQ:REEGet Rating) last released its earnings results on Thursday, March 3rd. The company reported ($0.14) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.16) by $0.02. On average, research analysts predict that REE Automotive will post -0.5 earnings per share for the current year.

A number of large investors have recently bought and sold shares of REE. Wolverine Asset Management LLC bought a new position in REE Automotive in the third quarter worth approximately $28,000. Harel Insurance Investments & Financial Services Ltd. bought a new position in REE Automotive in the 4th quarter worth $38,000. First National Trust Co purchased a new position in REE Automotive during the third quarter valued at $45,000. Cable Hill Partners LLC bought a new stake in REE Automotive during the fourth quarter valued at about $56,000. Finally, Morgan Stanley purchased a new stake in REE Automotive in the third quarter worth about $46,000. 14.95% of the stock is owned by institutional investors and hedge funds.

About REE Automotive (Get Rating)

REE Automotive Ltd. operates in the e-mobility business. The company develops REEcorner technology, which integrates vehicle drive components, including steering, braking, suspension, powertrain, and control into the arch of the wheel. The company also develops REEboard, a flat and modular EV chassis.

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