REE Automotive (NASDAQ:REE) Cut to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of REE Automotive (NASDAQ:REEGet Rating) from a buy rating to a hold rating in a research note published on Wednesday morning, Zacks.com reports.

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.

Shares of REE stock opened at $1.66 on Wednesday. The firm has a market capitalization of $531.29 million, a price-to-earnings ratio of -0.84 and a beta of 1.20. The business has a 50 day simple moving average of $1.89 and a 200 day simple moving average of $3.18. REE Automotive has a 12-month low of $1.25 and a 12-month high of $11.66.

REE Automotive (NASDAQ:REEGet 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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