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. “
Other equities research analysts also recently issued reports about the company. Morgan Stanley decreased their target price on REE Automotive from $5.00 to $2.00 and set an underweight rating on the stock in a research report on Monday, March 14th. DA Davidson decreased their target price on REE Automotive from $13.00 to $10.00 in a research report on Wednesday, May 18th. BTIG Research decreased their target price on REE Automotive from $10.00 to $6.00 in a research report on Wednesday, May 18th. Finally, Wells Fargo & Company initiated coverage on REE Automotive in a research report on Friday, March 25th. They set an underweight rating and a $1.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and a consensus target price of $6.39.
REE Automotive (NASDAQ:REE – Get Rating) last issued its quarterly earnings results on Thursday, March 3rd. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.16) by $0.02. On average, sell-side analysts forecast that REE Automotive will post -0.5 EPS for the current fiscal year.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Phoenix Holdings Ltd. lifted its stake in REE Automotive by 43,068.4% during the first quarter. Phoenix Holdings Ltd. now owns 26,671,165 shares of the company’s stock worth $50,675,000 after purchasing an additional 26,609,381 shares during the period. Clal Insurance Enterprises Holdings Ltd bought a new position in REE Automotive during the third quarter worth about $56,587,000. Meitav Dash Investments Ltd. lifted its stake in REE Automotive by 3,960.7% during the fourth quarter. Meitav Dash Investments Ltd. now owns 11,694,774 shares of the company’s stock worth $64,281,000 after purchasing an additional 11,406,774 shares during the period. M&G Investment Management Ltd. bought a new position in REE Automotive during the fourth quarter worth about $50,209,000. Finally, Invesco Ltd. lifted its stake in REE Automotive by 60.1% during the first quarter. Invesco Ltd. now owns 8,157,034 shares of the company’s stock worth $15,498,000 after purchasing an additional 3,062,887 shares during the period. 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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