FY2023 EPS Estimates for REE Automotive Ltd. (NASDAQ:REE) Decreased by Analyst

REE Automotive Ltd. (NASDAQ:REE) – Research analysts at Cantor Fitzgerald lowered their FY2023 EPS estimates for REE Automotive in a report released on Tuesday, September 5th. Cantor Fitzgerald analyst A. Sheppard now expects that the company will post earnings of ($0.37) per share for the year, down from their previous estimate of ($0.35). Cantor Fitzgerald has a “Neutral” rating and a $1.00 price objective on the stock. The consensus estimate for REE Automotive’s current full-year earnings is ($0.35) per share. Cantor Fitzgerald also issued estimates for REE Automotive’s FY2024 earnings at ($0.29) EPS.

REE Automotive Price Performance

Shares of REE Automotive stock opened at $0.16 on Thursday. The firm has a market cap of $53.54 million, a price-to-earnings ratio of -0.42 and a beta of 1.75. REE Automotive has a 1 year low of $0.16 and a 1 year high of $1.25. The company has a 50-day moving average of $0.29 and a 200 day moving average of $0.34.

REE Automotive (NASDAQ:REE) last announced its quarterly earnings results on Tuesday, August 29th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.01. The firm had revenue of $0.94 million for the quarter. During the same period in the prior year, the firm earned ($0.10) earnings per share.

Institutional Trading of REE Automotive

A number of institutional investors have recently made changes to their positions in REE. Sonic GP LLC bought a new stake in shares of REE Automotive during the fourth quarter valued at approximately $1,524,000. Millennium Management LLC boosted its stake in REE Automotive by 664.1% during the second quarter. Millennium Management LLC now owns 3,893,527 shares of the company’s stock worth $4,516,000 after buying an additional 3,383,946 shares during the period. Invesco Ltd. boosted its stake in REE Automotive by 60.1% during the first quarter. Invesco Ltd. now owns 8,157,034 shares of the company’s stock worth $15,498,000 after buying an additional 3,062,887 shares during the period. Morgan Stanley boosted its stake in REE Automotive by 127.1% during the fourth quarter. Morgan Stanley now owns 2,073,842 shares of the company’s stock worth $806,000 after buying an additional 1,160,726 shares during the period. Finally, Annandale Capital LLC boosted its stake in shares of REE Automotive by 460.0% during the first quarter. Annandale Capital LLC now owns 1,400,000 shares of the company’s stock valued at $456,000 after purchasing an additional 1,150,000 shares during the period. Hedge funds and other institutional investors own 18.78% of the company’s stock.

About REE Automotive

REE Automotive Ltd. operates as an automotive technology company in Israel, the United Kingdom, the United States, Germany, and internationally. The company offers REEcorner integrates vehicle components comprising as steering, braking, suspension, powertrain, and control into single compact module between the chassis and the wheel, which is controlled by its electronic unit functions, which includes drive-by-wire, steer-by-wire, break-by-wire, DaaS, smart corners, and design for serviceability; and REEplatform, a modular electric vehicle platform.