REE Automotive (NASDAQ:REE) Releases Earnings Results

REE Automotive (NASDAQ:REE) issued its earnings results on Saturday. The company reported ($0.46) EPS for the quarter, FiscalAI reports. The company had revenue of $0.56 million for the quarter.

REE Automotive Stock Performance

Shares of REE stock opened at $0.44 on Friday. The stock’s 50-day moving average is $0.57 and its two-hundred day moving average is $0.68. The firm has a market cap of $9.85 million, a price-to-earnings ratio of -0.08 and a beta of 2.41. REE Automotive has a 1 year low of $0.40 and a 1 year high of $1.76.

Analysts Set New Price Targets

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

Hedge Funds Weigh In On REE Automotive

Several hedge funds have recently made changes to their positions in REE. Potomac Capital Management Inc. purchased a new position in shares of REE Automotive during the fourth quarter worth about $300,000. Millennium Management LLC grew its holdings in shares of REE Automotive by 9.0% during the fourth quarter. Millennium Management LLC now owns 505,662 shares of the company’s stock worth $371,000 after purchasing an additional 41,763 shares during the last quarter. Patriot Financial Group Insurance Agency LLC grew its holdings in shares of REE Automotive by 242.4% during the first quarter. Patriot Financial Group Insurance Agency LLC now owns 52,900 shares of the company’s stock worth $32,000 after purchasing an additional 37,450 shares during the last quarter. Finally, Goldman Sachs Group Inc. acquired a new stake in shares of REE Automotive in the first quarter valued at approximately $48,000. Hedge funds and other institutional investors own 12.74% of the company’s stock.

REE Automotive Company Profile

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.