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

REE Automotive Ltd. (NASDAQ:REE) saw a large growth in short interest in the month of June. As of June 30th, there was short interest totaling 498,155 shares, a growth of 123.6% from the June 15th total of 222,834 shares. Currently, 1.7% of the company’s shares are sold short. Based on an average daily volume of 284,750 shares, the days-to-cover ratio is currently 1.7 days.

REE Automotive Stock Down 0.1%

Shares of NASDAQ:REE traded down $0.00 during trading hours on Thursday, hitting $0.08. The business’s fifty day simple moving average is $0.31 and its two-hundred day simple moving average is $0.52. REE Automotive has a 52-week low of $0.07 and a 52-week high of $1.76. The company has a market cap of $2.42 million, a PE ratio of -0.01 and a beta of 2.40. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.72.

REE Automotive (NASDAQ:REE) last released its quarterly earnings data on Saturday, May 16th. The company reported ($0.47) earnings per share (EPS) for the quarter. The firm had revenue of $0.56 million for the quarter.

Institutional Trading of REE Automotive

A number of hedge funds have recently bought and sold shares of the stock. Patriot Financial Group Insurance Agency LLC boosted its position in REE Automotive by 242.4% during the 1st quarter. Patriot Financial Group Insurance Agency LLC now owns 52,900 shares of the company’s stock valued at $32,000 after acquiring an additional 37,450 shares in the last quarter. Millennium Management LLC raised its position in shares of REE Automotive by 9.0% in the 4th quarter. Millennium Management LLC now owns 505,662 shares of the company’s stock worth $371,000 after acquiring an additional 41,763 shares in the last quarter. Potomac Capital Management Inc. bought a new position in shares of REE Automotive in the 4th quarter worth $300,000. Finally, Goldman Sachs Group Inc. purchased a new stake in shares of REE Automotive during the 1st quarter worth $48,000. Hedge funds and other institutional investors own 12.74% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings cut REE Automotive from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, April 24th. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock currently has an average rating of “Sell”.

About REE Automotive

REE Automotive Ltd. (NASDAQ:REE) is an Israel-based technology company specializing in the design and engineering of fully modular electric vehicle (EV) platforms. Founded in 2011 as a research initiative at the Technion – Israel Institute of Technology, REE Automotive has developed its core offering—the REEcorner—which integrates steering, braking, suspension and powertrain components into a compact unit housed within the wheel arch. This architecture enables manufacturers and fleet operators to pair a flat “skateboard” chassis with a variety of bespoke vehicle bodies, streamlining development cycles and reducing production complexity.

At the heart of REE’s product portfolio is the REEboard platform, a highly scalable EV architecture designed for commercial applications such as last-mile delivery vans, urban shuttles and light-duty trucks.