Ree Automotive Ltd Cl A (REE) said before open Thursday that it broke even in quarter three 2023.
In the same quarter a year ago, the company lost $0.14 per share on revenue of $0.00.
The stock is down 1.48% to $6.66 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.
The average recommendation from Wall Street analysts was a Buy which may get revised based on this new data.
Trading in the five days leading up to the report earned Ree Automotive Ltd Cl A a Bullish Sentiment Rank from InvestorsObserver.
Ree Automotive Ltd Cl A has been a strong performer over the past few months, garnering a high Long-Term Technical Rank by InvestorsObserver of 91, putting Ree Automotive Ltd Cl A in the top 25% of stocks. The firm was recently trading at a 52-week low of $2.3 on October 25, 2023 and set a 52-week high on December 5, 2022 at $20.1.
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.