Top 4 Stocks About to Reach Their 52-Week High

A 52-week high is a technical indicator used by some of the world's top traders and investors to determine the current and future value of a stock. In this report we reveal today's top 4 stocks about to reach their 52-week highs.

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REE Automotive: Electrifying The Truck Stop? Analyst Bullish On EV Platform

Lekha Gupta
May 17, 2024

Roth MKM analyst Craig Irwin initiated coverage on REE Automotive Ltd. (NASDAQ:REE) at a Buy rating with a price target of $14.

The analyst writes that REE is positioned to serve billion-dollar markets and catalysts in 2H24 likely confirm customer interest and adoption.

The analyst says that management developed the REEcorner to facilitate the adoption of x-by-wire and electric drivetrain technology in Class 3-5 trucking markets, which enables cost efficiencies, format flexibility, and improved safety. 

Also ReadEXCLUSIVE: REE Partners with Penske to Launch P7-C EV Trucks, Enhancing Fleet Electrification Options

The analyst estimates 2024 cash use at around $75 million and notes ~$14.5 million in cash raised to date in 2024.

Irwin says that REE should execute on an initial revenue ramp in FY24 with positive gross margins in mid-FY25 and positive adjusted EBITDA in FY26. 

The analyst estimates that a significant revenue ramp going into FY25 which reflects a move into volume production near the end of FY24. 

The analyst expects delivery of 50 vehicles in FY24, rising to 1,050 and 4,100 vehicles in FY25 and FY26, respectively. 

In March, REE reported fourth-quarter FY23 sales growth of 116% Q/Q to $455,000, missing the analyst consensus estimate of $1.35 million.

Price Action: REE shares are up 8.41% at $5.11 at the last check Friday.

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