HC Wainwright Downgrades REE Automotive (NASDAQ:REE) to Neutral

REE Automotive (NASDAQ:REE) was downgraded by analysts at HC Wainwright from a “buy” rating to a “neutral” rating in a report issued on Friday, Marketbeat.com reports.

Separately, Alliance Global Partners started coverage on REE Automotive in a research note on Friday, April 11th. They issued a “buy” rating and a $8.50 target price on the stock.

REE Automotive Stock Down 8.7%

REE opened at $0.85 on Friday. The stock has a market cap of $11.82 million, a PE ratio of -0.09 and a beta of 3.15. The company has a quick ratio of 3.15, a current ratio of 3.21 and a debt-to-equity ratio of 0.17. REE Automotive has a 52 week low of $0.81 and a 52 week high of $11.72. The business’s fifty day simple moving average is $3.14 and its 200 day simple moving average is $6.42.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of REE. Patriot Financial Group Insurance Agency LLC bought a new position in shares of REE Automotive during the fourth quarter valued at about $160,000. Fulton Breakefield Broenniman LLC bought a new position in shares of REE Automotive during the fourth quarter valued at about $457,000. Cruiser Capital Advisors LLC grew its stake in shares of REE Automotive by 21.6% during the fourth quarter. Cruiser Capital Advisors LLC now owns 152,557 shares of the company’s stock valued at $1,347,000 after buying an additional 27,057 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of REE Automotive by 5.8% during the fourth quarter. Renaissance Technologies LLC now owns 69,577 shares of the company’s stock valued at $614,000 after buying an additional 3,800 shares during the last quarter. Finally, MYDA Advisors LLC bought a new position in shares of REE Automotive during the fourth quarter valued at about $318,000. 12.74% of the stock is owned by institutional investors.

REE Automotive Company Profile

REE Automotive Ltd. operates as an automotive technology company in France, the United Kingdom, the United States, and internationally. The company offers REEcorner, a compact module that integrates critical vehicle drive components comprising as steering, braking, suspension, powertrain, and control between the chassis and the wheel; and REEplatform that allows for the addition of a modular and customizable top hat/cabin design based on customer specifications, without requiring modification to the platform.