REE Automotive Ltd. (NASDAQ:REE) Receives Consensus Rating of “Hold” from Brokerages

Shares of REE Automotive Ltd. (NASDAQ:REE – Get Rating) have received an average rating of “Hold” from the six analysts that are covering the firm, Marketbeat Ratings reports. Three research analysts have rated the stock with a sell recommendation and three have assigned a buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $9.40.

A number of research firms have issued reports on REE. Cantor Fitzgerald began coverage on shares of REE Automotive in a report on Friday, January 14th. They set an “overweight” rating and a $9.00 target price on the stock. Zacks Investment Research lowered shares of REE Automotive from a “hold” rating to a “sell” rating in a report on Wednesday, March 16th. Morgan Stanley reduced their target price on shares of REE Automotive from $5.00 to $2.00 and set an “underweight” rating on the stock in a report on Monday, March 14th. Finally, Wells Fargo & Company assumed coverage on shares of REE Automotive in a report on Friday. They set an “underweight” rating and a $1.00 target price on the stock.

A number of large investors have recently made changes to their positions in REE. Wolverine Asset Management LLC acquired a new stake in shares of REE Automotive during the third quarter worth $28,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of REE Automotive during the 4th quarter valued at about $38,000. First National Trust Co acquired a new position in shares of REE Automotive during the 3rd quarter valued at about $45,000. Cable Hill Partners LLC acquired a new position in shares of REE Automotive during the 4th quarter valued at about $56,000. Finally, Morgan Stanley acquired a new position in shares of REE Automotive during the 3rd quarter valued at about $46,000. Hedge funds and other institutional investors own 14.95% of the company’s stock.

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REE Automotive stock opened at $2.20 on Friday. The firm has a 50 day simple moving average of $3.10 and a 200-day simple moving average of $4.17. REE Automotive has a 1-year low of $1.75 and a 1-year high of $11.66.

About REE Automotive (Get Rating)

REE Automotive Ltd. operates in the e-mobility business. The company develops REEcorner technology, which integrates vehicle drive components, including steering, braking, suspension, powertrain, and control into the arch of the wheel. The company also develops REEboard, a flat and modular EV chassis.

Further Reading

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