Stock of the Day

October 17, 2024

REE Automotive (REE)

$0.08
$0.00 (0.0%)
Market Cap: $2.42M

About REE Automotive

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. It also provides P7-S Strip Chassis for commercial delivery vehicles and walk-in vans; P7-C Chassis Cab and Cutway Chassis, a class 4 chassis cab fully electric commercial truck for delivery and a range of vocational applications; and P7-B Box Truck, a class 3 box truck built on a P7 cab chassis with its all-wheel drive and all-wheel steer for vehicle control for better handling and safety in adverse conditions. It serves original equipment manufacturer, delivery and logistic fleets, dealers, e-commerce retailers, new mobility players, mobility-as-a-service providers, and autonomous drive companies. The company is headquartered in Herzliya, Israel.

Today's Trend

REE Automotive Ltd. (NASDAQ: REE) shares have declined amid a series of disappointing earnings results, a going-concern warning and multiple analyst downgrades, triggering heightened volatility and trading halts.

  • Weak Q4 results: The company reported fourth-quarter EPS of –$0.80 to –$0.89 versus a consensus of –$0.75 and generated only $0.01 million in revenue, falling short of expectations.
  • Going-concern warning: Management flagged cash-flow and funding risks for the coming year, leading to headlines about doubts over REE’s ability to continue as a going concern.
  • Analyst downgrades: Roth Capital and HC Wainwright both cut their ratings from “buy” to “neutral,” citing execution challenges and looming capital needs.
  • Market reaction: Shares hit a record low and sank below $1, while multiple LULD (limit up/limit down) trading halts underscored the volatility following the company’s announcements.
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