REE Automotive (NASDAQ:REE) Stock Price Down 3.6% – Here’s What Happened

REE Automotive Ltd. (NASDAQ:REE)’s share price dropped 3.6% during trading on Monday . The company traded as low as $0.2211 and last traded at $0.2217. Approximately 311,004 shares were traded during trading, an increase of 32% from the average daily volume of 235,416 shares. The stock had previously closed at $0.23.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings lowered REE Automotive from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, April 24th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock presently has an average rating of “Sell”.

REE Automotive Stock Down 4.4%

The firm has a market cap of $6.73 million, a P/E ratio of -0.04 and a beta of 2.33. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.18 and a current ratio of 1.18. The firm’s fifty day moving average is $0.45 and its 200 day moving average is $0.58.

REE Automotive (NASDAQ:REE) last released its quarterly earnings results on Saturday, May 16th. The company reported ($0.46) earnings per share for the quarter. The business had revenue of $0.56 million for the quarter.

Institutional Trading of REE Automotive

Several hedge funds have recently added to or reduced their stakes in the company. Patriot Financial Group Insurance Agency LLC grew its holdings in REE Automotive by 242.4% in the 1st quarter. Patriot Financial Group Insurance Agency LLC now owns 52,900 shares of the company’s stock valued at $32,000 after buying an additional 37,450 shares in the last quarter. Goldman Sachs Group Inc. bought a new position in REE Automotive during the 1st quarter worth $48,000. Potomac Capital Management Inc. acquired a new position in shares of REE Automotive in the fourth quarter valued at about $300,000. Finally, Millennium Management LLC grew its stake in shares of REE Automotive by 9.0% in the fourth quarter. Millennium Management LLC now owns 505,662 shares of the company’s stock valued at $371,000 after acquiring an additional 41,763 shares in the last quarter. 12.74% of the stock is owned by institutional investors and hedge funds.

About REE Automotive

REE Automotive Ltd. (NASDAQ:REE) is an Israel-based technology company specializing in the design and engineering of fully modular electric vehicle (EV) platforms. Founded in 2011 as a research initiative at the Technion – Israel Institute of Technology, REE Automotive has developed its core offering—the REEcorner—which integrates steering, braking, suspension and powertrain components into a compact unit housed within the wheel arch. This architecture enables manufacturers and fleet operators to pair a flat “skateboard” chassis with a variety of bespoke vehicle bodies, streamlining development cycles and reducing production complexity.

At the heart of REE’s product portfolio is the REEboard platform, a highly scalable EV architecture designed for commercial applications such as last-mile delivery vans, urban shuttles and light-duty trucks.