Balyasny Asset Management L.P. Boosts Holdings in REE Automotive Ltd. (NASDAQ:REE)

Balyasny Asset Management L.P. lifted its stake in shares of REE Automotive Ltd. (NASDAQ:REE) by 111.0% in the fourth quarter, Holdings Channel reports. The firm owned 452,444 shares of the company’s stock after buying an additional 238,013 shares during the period. Balyasny Asset Management L.P.’s holdings in REE Automotive were worth $3,995,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Patriot Financial Group Insurance Agency LLC acquired a new stake in shares of REE Automotive in the fourth quarter worth approximately $160,000. MYDA Advisors LLC purchased a new position in REE Automotive in the 4th quarter valued at $318,000. Fulton Breakefield Broenniman LLC acquired a new stake in REE Automotive during the 4th quarter worth $457,000. Renaissance Technologies LLC grew its holdings in shares of REE Automotive by 5.8% during the fourth quarter. Renaissance Technologies LLC now owns 69,577 shares of the company’s stock worth $614,000 after buying an additional 3,800 shares in the last quarter. Finally, Bank of America Corp DE raised its position 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 valued at $861,000 after buying an additional 28,300 shares during the last quarter. Institutional investors and hedge funds own 12.74% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on REE shares. Alliance Global Partners assumed coverage on shares of REE Automotive in a research report on Friday, April 11th. They set a “buy” rating and a $8.50 price target on the stock. HC Wainwright restated a “buy” rating and set a $15.00 target price on shares of REE Automotive in a report on Wednesday, March 19th.

REE Automotive Trading Up 4.9 %

Shares of REE stock opened at $3.01 on Friday. The company has a current ratio of 3.21, a quick ratio of 3.15 and a debt-to-equity ratio of 0.17. REE Automotive Ltd. has a twelve month low of $2.31 and a twelve month high of $11.72. The company’s 50-day moving average price is $3.50 and its 200-day moving average price is $6.61. The stock has a market cap of $41.86 million, a price-to-earnings ratio of -0.33 and a beta of 3.15.

REE Automotive 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.