REE Automotive Ltd. (NASDAQ:REE) Short Interest Update

REE Automotive Ltd. (NASDAQ:REE) was the target of a significant drop in short interest in March. As of March 15th, there was short interest totalling 172,900 shares, a drop of 18.1% from the February 28th total of 211,000 shares. Approximately 3.1% of the company’s stock are sold short. Based on an average trading volume of 65,600 shares, the days-to-cover ratio is currently 2.6 days.

REE Automotive Stock Performance

NASDAQ REE traded up $0.20 on Wednesday, reaching $2.77. 167,327 shares of the company’s stock traded hands, compared to its average volume of 124,100. The stock has a 50 day moving average price of $6.70 and a 200-day moving average price of $7.48. The firm has a market cap of $38.52 million, a price-to-earnings ratio of -0.30 and a beta of 2.94. The company has a debt-to-equity ratio of 0.17, a quick ratio of 3.15 and a current ratio of 3.21. REE Automotive has a fifty-two week low of $2.40 and a fifty-two week high of $11.72.

Wall Street Analyst Weigh In

Separately, HC Wainwright reaffirmed a “buy” rating and set a $15.00 target price on shares of REE Automotive in a report on Wednesday, March 19th.

Institutional Trading of REE Automotive

A number of hedge funds have recently modified their holdings of REE. Balyasny Asset Management L.P. raised its position in REE Automotive by 111.0% during the fourth quarter. Balyasny Asset Management L.P. now owns 452,444 shares of the company’s stock valued at $3,995,000 after acquiring an additional 238,013 shares in the last quarter. Northern Trust Corp purchased a new stake in shares of REE Automotive during the 4th quarter worth about $1,275,000. Millennium Management LLC grew its position 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 acquiring an additional 57,526 shares during the period. Fulton Breakefield Broenniman LLC acquired a new position in REE Automotive in the 4th quarter worth about $457,000. Finally, MYDA Advisors LLC purchased a new position in REE Automotive during the fourth quarter worth approximately $318,000. Hedge funds and other institutional investors own 12.74% of the company’s stock.

About REE Automotive

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.