REE Automotive Ltd. (NASDAQ:REE) Sees Large Decline in Short Interest

REE Automotive Ltd. (NASDAQ:REE) was the target of a large drop in short interest in the month of 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. Based on an average daily trading volume, of 65,600 shares, the short-interest ratio is presently 2.6 days. Currently, 3.1% of the company’s shares are sold short.

Wall Street Analysts Forecast Growth

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

REE Automotive Price Performance

Shares of REE opened at $2.77 on Thursday. REE Automotive has a 12-month low of $2.40 and a 12-month high of $11.72. The company has a quick ratio of 3.15, a current ratio of 3.21 and a debt-to-equity ratio of 0.17. The business’s fifty day moving average is $6.57 and its 200 day moving average is $7.45. The stock has a market cap of $38.52 million, a P/E ratio of -0.30 and a beta of 2.94.

Institutional Investors Weigh In On REE Automotive

Large investors have recently added to or reduced their stakes in the business. Virtu Financial LLC purchased a new position in REE Automotive during the 3rd quarter valued at $138,000. Patriot Financial Group Insurance Agency LLC purchased a new stake in REE Automotive during the 4th quarter valued at $160,000. MYDA Advisors LLC bought a new position in REE Automotive in the fourth quarter valued at about $318,000. Fulton Breakefield Broenniman LLC bought a new stake in shares of REE Automotive during the 4th quarter valued at $457,000. Finally, Renaissance Technologies LLC raised its stake in REE Automotive by 5.8% during the 4th quarter. Renaissance Technologies LLC now owns 69,577 shares of the company’s stock worth $614,000 after acquiring an additional 3,800 shares during the period. 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.