REE Automotive (NASDAQ:REE) Shares Up 6.3% – Still a Buy?

REE Automotive Ltd. (NASDAQ:REE) shares traded up 6.3% during trading on Wednesday . The stock traded as high as $0.67 and last traded at $0.65. 208,831 shares were traded during mid-day trading, an increase of 3% from the average session volume of 202,748 shares. The stock had previously closed at $0.61.

Wall Street Analysts Forecast Growth

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

REE Automotive Stock Up 6.3%

The company’s 50 day moving average price is $1.39 and its two-hundred day moving average price is $4.80. The company has a current ratio of 2.28, a quick ratio of 2.20 and a debt-to-equity ratio of 0.64. The firm has a market cap of $9.01 million, a PE ratio of -0.09 and a beta of 2.66.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in REE. Goldman Sachs Group Inc. purchased a new stake in REE Automotive in the 1st quarter worth $48,000. XTX Topco Ltd bought a new stake in shares of REE Automotive in the first quarter worth about $79,000. MYDA Advisors LLC purchased a new stake in shares of REE Automotive in the fourth quarter worth about $318,000. Patriot Financial Group Insurance Agency LLC lifted its position in shares of REE Automotive by 110.6% in the first quarter. Patriot Financial Group Insurance Agency LLC now owns 38,083 shares of the company’s stock worth $101,000 after buying an additional 20,000 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its stake in 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. 12.74% of the stock is owned by hedge funds and other institutional investors.

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.