Ree Automotive Ltd Cl A Down 7.21% To $5.66 After Earnings

REE Automotive Ltd (REE) beat out earnings estimates for Q4 2023 this morning.

reported that it broke-even during the quarter.



The stock is down 7.21% to $5.66 after the report.

The firm's lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.

Wall Street Analysts had an average rating of Hold on the stock prior to the report.

Trading in the five days leading up to the report earned Ree Automotive Ltd Cl A a Bullish Sentiment Rank from InvestorsObserver.

Prior to the report, InvestorsObserver gave the stock an overall score of 54. Meanwhile, the average Wall Street analyst rated the stock a Hold.

REE Automotive Ltd. operates as an automotive technology company in Israel, the United Kingdom, the United States, Germany, and internationally. The company offers REEcorner integrates vehicle components comprising as steering, braking, suspension, powertrain, and control into single compact module between the chassis and the wheel, which is controlled by its electronic unit functions, which includes drive-by-wire, steer-by-wire, break-by-wire, DaaS, smart corners, and design for serviceability; and REEplatform, a modular electric vehicle platform. It provides P7 EV Modular Platform designed for commercial delivery vehicles and walk-in vans; and Proxima Powered by REE, a class 5 fully drive-by-wire walk-in step van, which comprises EAVX and Morgan Olson body paired with REE's fully-flat modular P7 chassis and x-by-wire technology, which includes improved aerodynamics, enhanced driver ergonomics, driver visibility and safety, and enhanced maneuverability. Further, the company provides P7-B Box Truck, a class 3 box truck built on a P7 cab chassis with REE's all-wheel drive and all-wheel steer for vehicle control, handling, and safety in adverse conditions. It serves original equipment manufacturer, delivery and logistic fleets, dealers, e-commerce retailers, new mobility players, MaaS providers, and autonomous drive companies. The company is headquartered in Herzliya, Israel.