Cowen Cuts REE Automotive (NASDAQ:REE) Price Target to $6.00

REE Automotive (NASDAQ:REEGet Rating) had its price objective decreased by Cowen from $7.50 to $6.00 in a research report released on Thursday morning, The Fly reports. Cowen currently has an outperform rating on the stock.

REE has been the subject of several other reports. BTIG Research lowered REE Automotive from a buy rating to a neutral rating in a report on Wednesday. DA Davidson lowered their target price on shares of REE Automotive from $10.00 to $4.00 and set a buy rating on the stock in a research report on Wednesday, August 17th. Two analysts have rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company has an average rating of Hold and a consensus target price of $4.50.

REE Automotive Stock Down 7.9 %

REE opened at $0.56 on Thursday. The stock has a fifty day moving average of $0.73 and a 200-day moving average of $1.14. The firm has a market capitalization of $181.34 million, a P/E ratio of -1.27 and a beta of 1.48. REE Automotive has a 12-month low of $0.47 and a 12-month high of $7.49.

Institutional Investors Weigh In On REE Automotive

Institutional investors have recently added to or reduced their stakes in the company. UBS Group AG bought a new position in shares of REE Automotive in the first quarter valued at approximately $36,000. Goldman Sachs Group Inc. acquired a new stake in REE Automotive during the 1st quarter worth $79,000. LMR Partners LLP acquired a new stake in REE Automotive during the 3rd quarter worth $29,000. Advisors Asset Management Inc. grew its holdings in REE Automotive by 50.7% during the 1st quarter. Advisors Asset Management Inc. now owns 46,722 shares of the company’s stock worth $89,000 after acquiring an additional 15,725 shares during the period. Finally, Rafferty Asset Management LLC grew its holdings in REE Automotive by 202.0% during the 2nd quarter. Rafferty Asset Management LLC now owns 47,365 shares of the company’s stock worth $55,000 after acquiring an additional 31,682 shares during the period. 24.59% of the stock is owned by institutional investors and hedge funds.

REE Automotive Company Profile

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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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