Zacks Investment Research Upgrades REE Automotive (NASDAQ:REE) to Buy

REE Automotive (NASDAQ:REEGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday, Zacks.com reports. The firm presently has a $1.75 price objective on the stock. Zacks Investment Research‘s price objective indicates a potential upside of 11.46% from the stock’s previous close.

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. “

REE has been the subject of several other reports. Wells Fargo & Company assumed coverage on REE Automotive in a report on Friday, March 25th. They set an “underweight” rating and a $1.00 price target for the company. DA Davidson reduced their target price on shares of REE Automotive from $13.00 to $10.00 in a research report on Wednesday, May 18th. BTIG Research lowered their price target on shares of REE Automotive from $10.00 to $6.00 in a research report on Wednesday, May 18th. Finally, Morgan Stanley dropped their price objective on shares of REE Automotive from $5.00 to $2.00 and set an “underweight” rating for the company in a research note on Monday, March 14th. Two equities research analysts have rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, REE Automotive currently has an average rating of “Hold” and an average price target of $6.39.

Shares of REE stock traded down $0.18 on Tuesday, reaching $1.57. The stock had a trading volume of 15,162 shares, compared to its average volume of 1,261,130. REE Automotive has a 12 month low of $1.25 and a 12 month high of $11.66. The firm has a market capitalization of $502.48 million, a price-to-earnings ratio of -0.79 and a beta of 1.20. The firm’s 50-day moving average is $1.92 and its two-hundred day moving average is $3.24.

REE Automotive (NASDAQ:REEGet Rating) last announced its quarterly earnings results on Thursday, March 3rd. The company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.02. Research analysts forecast that REE Automotive will post -0.5 earnings per share for the current year.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Wolverine Asset Management LLC bought a new stake in shares of REE Automotive during the 3rd quarter worth $28,000. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of REE Automotive in the 4th quarter valued at approximately $38,000. Cable Hill Partners LLC bought a new position in REE Automotive in the 4th quarter valued at approximately $56,000. Morgan Stanley bought a new position in REE Automotive in the 3rd quarter valued at approximately $46,000. Finally, National Bank of Canada FI acquired a new stake in REE Automotive in the fourth quarter valued at approximately $64,000. Institutional investors and hedge funds 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.

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