Ergoteles LLC Acquires Shares of 372,045 REE Automotive Ltd. (NASDAQ:REE)

Ergoteles LLC bought a new position in REE Automotive Ltd. (NASDAQ:REE – Get Rating) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 372,045 shares of the company’s stock, valued at approximately $254,000. Ergoteles LLC owned approximately 0.11% of REE Automotive at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. UBS Group AG purchased a new stake in REE Automotive during the 1st quarter valued at $36,000. Goldman Sachs Group Inc. bought a new stake in REE Automotive in the 1st quarter worth about $79,000. Advisors Asset Management Inc. increased its holdings in REE Automotive by 50.7% in the 1st quarter. Advisors Asset Management Inc. now owns 46,722 shares of the company’s stock worth $89,000 after buying an additional 15,725 shares in the last quarter. Rafferty Asset Management LLC raised its position in REE Automotive by 202.0% in the 2nd quarter. Rafferty Asset Management LLC now owns 47,365 shares of the company’s stock worth $55,000 after buying an additional 31,682 shares during the last quarter. Finally, Charles Schwab Investment Advisory Inc. lifted its stake in REE Automotive by 137.6% during the 1st quarter. Charles Schwab Investment Advisory Inc. now owns 50,250 shares of the company’s stock valued at $95,000 after acquiring an additional 29,100 shares during the period. 23.53% of the stock is owned by hedge funds and other institutional investors.

REE Automotive Stock Up 1.2 %

Shares of REE stock opened at $0.41 on Monday. The company has a 50 day simple moving average of $0.45 and a two-hundred day simple moving average of $0.64. REE Automotive Ltd. has a 12 month low of $0.29 and a 12 month high of $2.58.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on REE. BTIG Research lowered shares of REE Automotive from a “buy” rating to a “neutral” rating in a research note on Wednesday, November 16th. DA Davidson cut their target price on shares of REE Automotive from $4.00 to $1.50 in a research report on Thursday, November 17th. Cowen lowered their price target on REE Automotive from $7.50 to $6.00 and set an “outperform” rating on the stock in a report on Thursday, November 17th. Finally, Cowen dropped their price target on REE Automotive from $7.50 to $6.00 and set an “outperform” rating on the stock in a research note on Thursday, November 17th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, REE Automotive currently has a consensus rating of “Hold” and an average target price of $3.75.

REE Automotive Profile

(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.