REE Automotive Ltd. (NASDAQ:REE) Sees Large Decrease in Short Interest

REE Automotive Ltd. (NASDAQ:REE) saw a large decrease in short interest in the month of March. As of March 15th, there was short interest totalling 172,900 shares, a decrease of 18.1% from the February 28th total of 211,000 shares. Based on an average trading volume of 65,600 shares, the days-to-cover ratio is presently 2.6 days. Currently, 3.1% of the shares of the company are sold short.

REE Automotive Stock Performance

REE traded down $0.01 on Tuesday, hitting $2.65. The company’s stock had a trading volume of 55,037 shares, compared to its average volume of 123,043. REE Automotive has a 12 month low of $2.40 and a 12 month high of $11.72. The firm has a market cap of $36.85 million, a P/E ratio of -0.29 and a beta of 2.94. The company has a quick ratio of 3.15, a current ratio of 3.21 and a debt-to-equity ratio of 0.17. The company’s 50 day simple moving average is $6.83 and its 200-day simple moving average is $7.49.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright restated a “buy” rating and issued a $15.00 price objective on shares of REE Automotive in a research note on Wednesday, March 19th.

Hedge Funds Weigh In On REE Automotive

A number of large investors have recently made changes to their positions in REE. Millennium Management LLC raised its stake in shares of REE Automotive by 57.5% during the 4th quarter. Millennium Management LLC now owns 157,495 shares of the company’s stock valued at $1,391,000 after purchasing an additional 57,526 shares during the period. Balyasny Asset Management L.P. grew its holdings in REE Automotive by 111.0% during the 4th 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 in the last quarter. Bank of America Corp DE increased 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 valued at $861,000 after buying an additional 28,300 shares during the period. Northern Trust Corp purchased a new stake in shares of REE Automotive in the fourth quarter worth about $1,275,000. Finally, MYDA Advisors LLC bought a new position in shares of REE Automotive in the fourth quarter valued at approximately $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.