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

REE Automotive Ltd. (NASDAQ:REE) saw a significant growth in short interest during the month of September. As of September 30th, there was short interest totalling 279,200 shares, a growth of 189.3% from the September 15th total of 96,500 shares. Approximately 5.1% of the shares of the company are sold short. Based on an average daily volume of 285,000 shares, the days-to-cover ratio is currently 1.0 days.

Institutional Trading of REE Automotive

A hedge fund recently bought a new stake in REE Automotive stock. M&G Plc bought a new stake in REE Automotive Ltd. (NASDAQ:REE) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm bought 1,747,014 shares of the company’s stock, valued at approximately $10,482,000. M&G Plc owned 16.62% of REE Automotive as of its most recent SEC filing. Institutional investors and hedge funds own 12.74% of the company’s stock.

REE Automotive Price Performance

Shares of REE stock traded up $0.57 during trading on Friday, hitting $7.11. The company had a trading volume of 48,393 shares, compared to its average volume of 870,656. The firm has a market capitalization of $74.73 million, a P/E ratio of -0.79 and a beta of 3.06. REE Automotive has a one year low of $2.30 and a one year high of $8.43. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.15 and a current ratio of 2.21. The stock’s 50-day moving average price is $4.70 and its 200 day moving average price is $4.43.

Wall Street Analyst Weigh In

Separately, HC Wainwright reiterated a “buy” rating and set a $15.00 price objective on shares of REE Automotive in a research report on Friday, September 27th.

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.