Alliance Global Partners Initiates Coverage on REE Automotive (NASDAQ:REE)

Research analysts at Alliance Global Partners started coverage on shares of REE Automotive (NASDAQ:REE) in a note issued to investors on Friday, Marketbeat reports. The firm set a “buy” rating and a $8.50 price target on the stock. Alliance Global Partners’ price target points to a potential upside of 203.57% from the company’s previous close.

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

REE Automotive Price Performance

NASDAQ:REE opened at $2.80 on Friday. The company has a quick ratio of 3.15, a current ratio of 3.21 and a debt-to-equity ratio of 0.17. REE Automotive has a 12-month low of $2.35 and a 12-month high of $11.72. The stock’s 50 day moving average price is $5.46 and its two-hundred day moving average price is $7.24. The firm has a market capitalization of $38.94 million, a price-to-earnings ratio of -0.31 and a beta of 3.18.

Hedge Funds Weigh In On REE Automotive

A number of hedge funds have recently bought and sold shares of the business. Virtu Financial LLC acquired a new position in shares of REE Automotive during the 3rd quarter worth approximately $138,000. Patriot Financial Group Insurance Agency LLC acquired a new stake in REE Automotive during the fourth quarter worth approximately $160,000. Fulton Breakefield Broenniman LLC bought a new position in REE Automotive during the 4th quarter worth $457,000. Cruiser Capital Advisors LLC raised its holdings in REE Automotive by 21.6% in the 4th quarter. Cruiser Capital Advisors LLC now owns 152,557 shares of the company’s stock valued at $1,347,000 after acquiring an additional 27,057 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its position in shares of REE Automotive by 5.8% during the 4th quarter. Renaissance Technologies LLC now owns 69,577 shares of the company’s stock valued at $614,000 after acquiring an additional 3,800 shares during the period. 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.