Alliance Global Partners Initiates Coverage on REE Automotive (NASDAQ:REE)

Research analysts at Alliance Global Partners assumed coverage on shares of REE Automotive (NASDAQ:REE) in a research note issued to investors on Friday, MarketBeat Ratings reports. The firm set a “buy” rating and a $8.50 price target on the stock. Alliance Global Partners’ price objective would suggest a potential upside of 203.57% from the stock’s previous close.

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

REE Automotive Trading Up 1.8 %

Shares of REE stock opened at $2.80 on Friday. REE Automotive has a fifty-two week low of $2.35 and a fifty-two week high of $11.72. The stock’s fifty day moving average price is $5.46 and its two-hundred day moving average price is $7.24. The company has a debt-to-equity ratio of 0.17, a quick ratio of 3.15 and a current ratio of 3.21. The company has a market cap of $38.94 million, a PE ratio of -0.31 and a beta of 3.18.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in REE. Millennium Management LLC increased its holdings in REE Automotive by 57.5% in the fourth quarter. Millennium Management LLC now owns 157,495 shares of the company’s stock valued at $1,391,000 after purchasing an additional 57,526 shares during the period. Balyasny Asset Management L.P. raised its position in shares of REE Automotive by 111.0% during the fourth quarter. Balyasny Asset Management L.P. now owns 452,444 shares of the company’s stock worth $3,995,000 after acquiring an additional 238,013 shares during the last quarter. Bank of America Corp DE lifted its stake in shares of REE Automotive by 40.9% in the fourth quarter. Bank of America Corp DE now owns 97,513 shares of the company’s stock worth $861,000 after acquiring an additional 28,300 shares during the period. Northern Trust Corp acquired a new position in shares of REE Automotive in the fourth quarter worth approximately $1,275,000. Finally, MYDA Advisors LLC acquired a new stake in REE Automotive during the 4th quarter valued at approximately $318,000. Institutional investors own 12.74% of the company’s stock.

REE Automotive Company Profile

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.