Learn Hardcore Russian: Давай перечитаем текст сначала. - Let's reread the text from the beginning.

No. Although давай originally comes from the verb давать (to give), in sentences like this it often functions more like come on, let’s, or let’s go ahead and.

So Давай перечитаем... means something like:

Let’s reread...
Come on, let’s reread...

It is a very common, natural, conversational way to make a suggestion in Russian.

A more formal or plural version is давайте:

Давайте перечитаем текст сначала. = Let’s reread the text from the beginning.

Why is перечитаем in the we form if the sentence means let’s reread?

That is exactly how Russian usually forms let’s expressions: it often uses a 1st person plural verb form (we form).

So:

перечитаем literally = we will reread
давай перечитаем = let’s reread

This is similar to English let us reread, which also uses a plural form even though it is really a suggestion.

What does перечитаем mean exactly, and how is it different from прочитаем or читаем?