REE Automotive (NASDAQ:REE) Trading Down 2.5% – Time to Sell?

REE Automotive Ltd. (NASDAQ:REE)’s stock price dropped 2.5% on Monday . The company traded as low as $0.5816 and last traded at $0.6053. Approximately 5,414 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 28,247 shares. The stock had previously closed at $0.6207.

Analysts Set New Price Targets

Separately, Weiss Ratings assumed coverage on shares of REE Automotive in a research report on Monday, January 5th. They set a “sell (d-)” rating on the stock. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $1.00.

REE Automotive Stock Performance

The company has a market capitalization of $13.47 million, a price-to-earnings ratio of -0.11 and a beta of 2.61. The business’s 50-day simple moving average is $0.59 and its 200-day simple moving average is $0.75.

Hedge Funds Weigh In On REE Automotive

A number of hedge funds and other institutional investors have recently bought and sold shares of REE. Goldman Sachs Group Inc. acquired a new stake in REE Automotive during the 1st quarter worth $48,000. Potomac Capital Management Inc. bought a new stake in shares of REE Automotive during the 4th quarter valued at $300,000. Finally, Millennium Management LLC lifted its stake in shares of REE Automotive by 9.0% in the 4th quarter. Millennium Management LLC now owns 505,662 shares of the company’s stock valued at $371,000 after purchasing an additional 41,763 shares during the period. 12.74% of the stock is owned by institutional investors.

About REE Automotive

REE Automotive Ltd. (NASDAQ:REE) is an Israel-based technology company specializing in the design and engineering of fully modular electric vehicle (EV) platforms. Founded in 2011 as a research initiative at the Technion – Israel Institute of Technology, REE Automotive has developed its core offering—the REEcorner—which integrates steering, braking, suspension and powertrain components into a compact unit housed within the wheel arch. This architecture enables manufacturers and fleet operators to pair a flat “skateboard” chassis with a variety of bespoke vehicle bodies, streamlining development cycles and reducing production complexity.

At the heart of REE’s product portfolio is the REEboard platform, a highly scalable EV architecture designed for commercial applications such as last-mile delivery vans, urban shuttles and light-duty trucks.