REE Automotive Ltd. (NASDAQ:REE) Shares Acquired by Millennium Management LLC

Millennium Management LLC increased its position in shares of REE Automotive Ltd. (NASDAQ:REE) by 57.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 157,495 shares of the company’s stock after acquiring an additional 57,526 shares during the quarter. Millennium Management LLC owned approximately 1.13% of REE Automotive worth $1,391,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in REE. Balyasny Asset Management L.P. lifted its position in REE Automotive by 111.0% in the fourth quarter. Balyasny Asset Management L.P. now owns 452,444 shares of the company’s stock valued at $3,995,000 after buying an additional 238,013 shares during the last quarter. Northern Trust Corp acquired a new position in REE Automotive during the 4th quarter worth about $1,275,000. MYDA Advisors LLC acquired a new position in REE Automotive during the 4th quarter worth about $318,000. Bank of America Corp DE lifted its position in shares of REE Automotive by 40.9% during the fourth quarter. Bank of America Corp DE now owns 97,513 shares of the company’s stock worth $861,000 after purchasing an additional 28,300 shares in the last quarter. Finally, Cruiser Capital Advisors LLC boosted its position in REE Automotive by 21.6% in the 4th 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 period. 12.74% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

REE has been the subject of several research reports. HC Wainwright downgraded shares of REE Automotive from a “buy” rating to a “neutral” rating in a research note on Friday, May 16th. Alliance Global Partners reiterated a “buy” rating on shares of REE Automotive in a report on Friday, May 16th. Finally, Roth Capital set a $1.00 price target on shares of REE Automotive in a report on Friday, May 16th.

REE Automotive Price Performance

Shares of REE opened at $0.81 on Wednesday. REE Automotive Ltd. has a fifty-two week low of $0.71 and a fifty-two week high of $11.72. The firm has a 50-day simple moving average of $2.22 and a 200-day simple moving average of $5.87. The company has a debt-to-equity ratio of 0.17, a quick ratio of 3.15 and a current ratio of 3.21. The company has a market capitalization of $11.22 million, a price-to-earnings ratio of -0.09 and a beta of 3.15.

About REE Automotive

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.