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

REE Automotive Ltd. (NASDAQ:REE) saw 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. Based on an average daily trading volume, of 65,600 shares, the short-interest ratio is presently 2.6 days. Approximately 3.1% of the shares of the stock are short sold.

Wall Street Analyst Weigh In

Separately, HC Wainwright restated a “buy” rating and issued a $15.00 target price on shares of REE Automotive in a research note on Wednesday, March 19th.

REE Automotive Price Performance

REE stock traded down $0.01 during midday trading on Tuesday, reaching $2.65. The company had a trading volume of 55,037 shares, compared to its average volume of 123,043. The firm has a 50-day moving average price of $6.83 and a 200-day moving average price of $7.49. The company has a market capitalization of $36.85 million, a P/E ratio of -0.29 and a beta of 2.94. REE Automotive has a 1 year low of $2.40 and a 1 year high of $11.72. The company has a debt-to-equity ratio of 0.17, a current ratio of 3.21 and a quick ratio of 3.15.

Institutional Inflows and Outflows

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