REE Automotive (NASDAQ:REE) Stock Price Down 0.4% – Should You Sell?

Shares of REE Automotive Ltd. (NASDAQ:REE) fell 0.4% during trading on Wednesday . The stock traded as low as $1.21 and last traded at $1.30. 306,065 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 1,081,131 shares. The stock had previously closed at $1.30.

Wall Street Analyst Weigh In

Separately, Wall Street Zen upgraded shares of REE Automotive from a “sell” rating to a “hold” rating in a report on Saturday, July 5th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, REE Automotive presently has a consensus rating of “Hold” and a consensus target price of $8.17.

REE Automotive Trading Down 0.4%

The company has a market cap of $28.83 million, a PE ratio of -0.18 and a beta of 2.69. The stock has a 50 day moving average price of $0.82 and a 200 day moving average price of $1.18.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. bought a new stake in shares of REE Automotive in the 1st quarter worth $48,000. XTX Topco Ltd bought a new stake in shares of REE Automotive in the 1st quarter worth $79,000. Fulton Breakefield Broenniman LLC increased its holdings in shares of REE Automotive by 41.4% in the 1st quarter. Fulton Breakefield Broenniman LLC now owns 73,162 shares of the company’s stock worth $195,000 after purchasing an additional 21,424 shares in the last quarter. Heights Capital Management Inc. bought a new stake in shares of REE Automotive in the 1st quarter worth $2,394,000. Finally, Alyeska Investment Group L.P. bought a new stake in shares of REE Automotive in the 1st quarter worth $3,085,000. Institutional investors own 12.74% of the company’s stock.

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.