REE Automotive Ltd. (NASDAQ:REE) Forecasted to Post FY2023 Earnings of ($0.35) Per Share

REE Automotive Ltd. (NASDAQ:REE – Get Rating) – Equities researchers at Cantor Fitzgerald lifted their FY2023 EPS estimates for REE Automotive in a research report issued on Wednesday, May 24th. Cantor Fitzgerald analyst A. Sheppard now forecasts that the company will post earnings of ($0.35) per share for the year, up from their prior forecast of ($0.42). Cantor Fitzgerald has a “Neutral” rating and a $1.00 price target on the stock. The consensus estimate for REE Automotive’s current full-year earnings is ($0.42) per share.

REE Automotive Trading Down 2.6 %

Shares of REE opened at $0.38 on Friday. The firm’s 50-day moving average is $0.33 and its two-hundred day moving average is $0.42. REE Automotive has a twelve month low of $0.27 and a twelve month high of $1.74. The firm has a market capitalization of $124.44 million, a P/E ratio of -0.97 and a beta of 1.69.

REE Automotive (NASDAQ:REE – Get Rating) last issued its earnings results on Thursday, March 16th. The company reported ($0.09) earnings per share for the quarter.

Institutional Trading of REE Automotive

Several institutional investors and hedge funds have recently modified their holdings of the business. Advisors Asset Management Inc. lifted its holdings in shares of REE Automotive by 50.7% in the first quarter. Advisors Asset Management Inc. now owns 46,722 shares of the company’s stock valued at $89,000 after purchasing an additional 15,725 shares in the last quarter. UBS Group AG purchased a new position in shares of REE Automotive during the first quarter valued at approximately $36,000. ETF Managers Group LLC lifted its stake in shares of REE Automotive by 8.2% during the third quarter. ETF Managers Group LLC now owns 287,959 shares of the company’s stock valued at $196,000 after buying an additional 21,732 shares during the period. Susquehanna International Group LLP lifted its stake in shares of REE Automotive by 17.6% during the fourth quarter. Susquehanna International Group LLP now owns 154,125 shares of the company’s stock valued at $60,000 after buying an additional 23,063 shares during the period. Finally, Goldman Sachs Group Inc. lifted its stake in shares of REE Automotive by 65.6% during the second quarter. Goldman Sachs Group Inc. now owns 68,941 shares of the company’s stock valued at $80,000 after buying an additional 27,312 shares during the period. Hedge funds and other institutional investors own 23.53% of the company’s stock.

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.