REE Automotive (NASDAQ:REE) Downgraded by Zacks Investment Research

REE Automotive (NASDAQ:REEGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Thursday, Zacks.com reports.

According to Zacks, “REE Automotive Ltd. is an automotive technology. REE Automotive Ltd., formerly known as 10X Capital Venture Acquisition Corp, is based in NEW YORK. “

A number of other analysts have also commented on the company. Cantor Fitzgerald began coverage on REE Automotive in a report on Friday, January 14th. They issued an “overweight” rating and a $9.00 target price for the company. Wells Fargo & Company began coverage on REE Automotive in a report on Friday, March 25th. They issued an “underweight” rating and a $1.00 target price for the company. Finally, Morgan Stanley reduced their target price on REE Automotive from $5.00 to $2.00 and set an “underweight” rating for the company in a report on Monday, March 14th. Three research analysts have rated the stock with a sell rating and three have assigned a buy rating to the company. According to data from MarketBeat, REE Automotive currently has an average rating of “Hold” and an average target price of $8.75.

REE stock opened at $1.92 on Thursday. REE Automotive has a twelve month low of $1.75 and a twelve month high of $11.66. The business has a 50 day moving average of $2.08 and a 200 day moving average of $3.46.

REE Automotive (NASDAQ:REEGet Rating) last posted its quarterly earnings data on Thursday, March 3rd. The company reported ($0.14) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.16) by $0.02. Equities research analysts forecast that REE Automotive will post -0.5 earnings per share for the current fiscal year.

Several hedge funds have recently added to or reduced their stakes in REE. IPG Investment Advisors LLC purchased a new position in shares of REE Automotive in the 3rd quarter worth $102,000. Citigroup Inc. purchased a new position in shares of REE Automotive in the 3rd quarter worth $186,000. Geode Capital Management LLC purchased a new position in shares of REE Automotive in the 3rd quarter worth $374,000. Cowen AND Company LLC purchased a new position in shares of REE Automotive in the 3rd quarter worth $2,146,000. Finally, Credit Suisse AG purchased a new position in shares of REE Automotive in the 3rd quarter worth $177,000. Hedge funds and other institutional investors own 23.72% of the company’s stock.

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.

Further Reading

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