Zacks: Analysts Anticipate REE Automotive Ltd. (NASDAQ:REE) Will Post Earnings of -$0.15 Per Share

Alma L. Figueroa

Brokerages forecast that REE Automotive Ltd. (NASDAQ:REEGet Rating) will post earnings per share of ($0.15) for the current quarter, according to Zacks. Zero analysts have issued estimates for REE Automotive’s earnings. The company is expected to report its next earnings report on Monday, January 1st.

According to Zacks, analysts expect that REE Automotive will report full year earnings of ($0.51) per share for the current financial year, with EPS estimates ranging from ($0.58) to ($0.43). For the next fiscal year, analysts expect that the firm will post earnings of ($0.68) per share. Zacks’ earnings per share averages are a mean average based on a survey of sell-side research firms that follow REE Automotive.

REE Automotive (NASDAQ:REEGet Rating) last announced its quarterly earnings results on Thursday, March 3rd. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.16) by $0.02.

Several equities analysts have issued reports on REE shares. Wells Fargo & Company started coverage on shares of REE Automotive in a research report on Friday, March 25th. They issued an “underweight” rating and a $1.00 price target for the company. Morgan Stanley decreased their price objective on shares of REE Automotive from $5.00 to $2.00 and set an “underweight” rating for the company in a research report on Monday, March 14th. Cantor Fitzgerald assumed coverage on shares of REE Automotive in a research report on Friday, January 14th. They set an “overweight” rating and a $9.00 price objective for the company. Finally, Zacks Investment Research upgraded shares of REE Automotive from a “sell” rating to a “hold” rating in a research report on Thursday, April 7th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $8.75.

Several institutional investors have recently added to or reduced their stakes in the business. Zweig DiMenna Associates LLC bought a new position in shares of REE Automotive during the third quarter valued at about $1,355,000. Meitav Dash Investments Ltd. bought a new position in shares of REE Automotive during the third quarter valued at about $1,308,000. First National Trust Co bought a new position in shares of REE Automotive during the third quarter valued at about $45,000. IPG Investment Advisors LLC bought a new position in shares of REE Automotive during the third quarter valued at about $102,000. Finally, Citigroup Inc. bought a new position in shares of REE Automotive during the third quarter valued at about $186,000. 14.95% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NASDAQ REE opened at $1.97 on Friday. REE Automotive has a 52-week low of $1.75 and a 52-week high of $11.66. The firm has a 50 day moving average price of $2.42 and a two-hundred day moving average price of $3.74.

About REE Automotive (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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