National Bank of Canada FI acquired a new stake in REE Automotive Ltd. (NASDAQ:REE – Get Rating) in the 4th quarter, Holdings Channel reports. The fund acquired 11,500 shares of the company’s stock, valued at approximately $64,000.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Luxor Capital Group LP acquired a new stake in shares of REE Automotive during the third quarter worth about $9,988,000. IPG Investment Advisors LLC acquired a new stake in shares of REE Automotive during the third quarter worth about $102,000. First National Trust Co acquired a new stake in shares of REE Automotive during the third quarter worth about $45,000. Meitav Dash Investments Ltd. acquired a new stake in shares of REE Automotive during the third quarter worth about $1,308,000. Finally, M&G Investment Management Ltd. acquired a new stake in shares of REE Automotive during the fourth quarter worth about $50,209,000. Institutional investors own 14.95% of the company’s stock.
Several brokerages have recently weighed in on REE. Wells Fargo & Company assumed coverage on shares of REE Automotive in a research note on Friday, March 25th. They set an “underweight” rating and a $1.00 target price for the company. Cantor Fitzgerald assumed coverage on shares of REE Automotive in a report on Friday, January 14th. They set an “overweight” rating and a $9.00 price target for the company. Morgan Stanley cut their price target on shares of REE Automotive from $5.00 to $2.00 and set an “underweight” rating for the company in a report on Monday, March 14th. Finally, Zacks Investment Research raised shares of REE Automotive from a “sell” rating to a “hold” rating in a report on Thursday. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $8.75.
Shares of REE Automotive stock opened at $1.96 on Friday. REE Automotive Ltd. has a 12-month low of $1.75 and a 12-month high of $11.66. The company has a 50-day moving average of $2.57 and a two-hundred day moving average of $3.84.
REE Automotive (NASDAQ:REE – Get Rating) last issued its earnings results on Thursday, March 3rd. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.16) by $0.02. As a group, sell-side analysts predict that REE Automotive Ltd. will post -0.5 earnings per share for the current year.
REE Automotive Profile (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.
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