Home Market News REE Automotive (NASDAQ:REE) Lifted to “Buy” at Zacks Investment Research

REE Automotive (NASDAQ:REE) Lifted to “Buy” at Zacks Investment Research

by MarketBeat News

REE Automotive (NASDAQ:REE – Get Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports. The firm presently has a $1.75 target price on the stock. Zacks Investment Research‘s price target would indicate a potential upside of 11.46% from the stock’s previous close.

According to Zacks, “REE Automotive Ltd. is an automotive technology. REE Automotive Ltd., formerly known as 10X Capital Venture Acquisition Corp, is based in NEW YORK. “

Several other analysts also recently weighed in on REE. Wells Fargo & Company initiated coverage on shares of REE Automotive in a research report on Friday, March 25th. They issued an “underweight” rating and a $1.00 price objective on the stock. DA Davidson reduced their price objective on REE Automotive from $13.00 to $10.00 in a research report on Wednesday, May 18th. BTIG Research lowered their target price on REE Automotive from $10.00 to $6.00 in a research report on Wednesday, May 18th. Finally, Morgan Stanley reduced their price target on REE Automotive from $5.00 to $2.00 and set an “underweight” rating for the company in a research report on Monday, March 14th. Two equities research analysts have rated the stock with a sell rating and four have issued a buy rating to the stock. According to MarketBeat.com, REE Automotive has an average rating of “Hold” and an average price target of $6.39.

NASDAQ REE traded down $0.18 during mid-day trading on Tuesday, reaching $1.57. 15,162 shares of the company’s stock traded hands, compared to its average volume of 1,261,130. The company has a fifty day simple moving average of $1.92 and a 200-day simple moving average of $3.24. REE Automotive has a 1-year low of $1.25 and a 1-year high of $11.66. The company has a market cap of $502.48 million, a price-to-earnings ratio of -0.79 and a beta of 1.20.

REE Automotive (NASDAQ:REE – Get Rating) last issued its quarterly earnings results on Thursday, March 3rd. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.16) by $0.02. Equities analysts expect that REE Automotive will post -0.5 earnings per share for the current year.

Large investors have recently modified their holdings of the stock. Wolverine Asset Management LLC bought a new position in shares of REE Automotive in the third quarter worth about $28,000. UBS Group AG bought a new stake in shares of REE Automotive in the first quarter valued at approximately $36,000. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of REE Automotive in the fourth quarter worth $38,000. Morgan Stanley bought a new position in REE Automotive during the third quarter worth $46,000. Finally, Cable Hill Partners LLC acquired a new position in REE Automotive during the 4th quarter valued at $56,000. Hedge funds and other institutional investors own 23.72% of the company’s stock.

About REE Automotive (Get Rating)

REE Automotive Ltd. operates in the e-mobility business. The company develops REEcorner technology, which integrates vehicle drive components, including steering, braking, suspension, powertrain, and control into the arch of the wheel. The company also develops REEboard, a flat and modular EV chassis.

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