Lordstown Motors (NASDAQ:RIDE) Stock Price Up 11.7%

Shares of Lordstown Motors Corp. (NASDAQ:RIDEGet Rating) rose 11.7% during trading on Wednesday . The stock traded as high as $2.69 and last traded at $2.67. Approximately 132,928 shares changed hands during mid-day trading, a decline of 99% from the average daily volume of 12,402,718 shares. The stock had previously closed at $2.39.

Several brokerages have issued reports on RIDE. Royal Bank of Canada dropped their price objective on shares of Lordstown Motors from $2.50 to $1.50 and set an “underperform” rating on the stock in a research note on Tuesday, March 1st. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Lordstown Motors from $3.00 to $2.00 in a research note on Tuesday, May 10th. Zacks Investment Research cut shares of Lordstown Motors from a “hold” rating to a “sell” rating in a research note on Saturday. R. F. Lafferty cut shares of Lordstown Motors from a “hold” rating to a “sell” rating in a research note on Tuesday, May 10th. Finally, The Goldman Sachs Group lowered their price objective on shares of Lordstown Motors from $2.50 to $2.00 and set a “sell” rating on the stock in a research note on Tuesday, March 1st. Seven research analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. Based on data from MarketBeat, Lordstown Motors currently has an average rating of “Sell” and a consensus target price of $3.66.

The firm has a market capitalization of $485.60 million, a PE ratio of -1.31 and a beta of 0.88. The company’s fifty day moving average price is $2.56 and its two-hundred day moving average price is $3.35.

Lordstown Motors (NASDAQ:RIDEGet Rating) last announced its quarterly earnings data on Monday, May 9th. The company reported ($0.46) earnings per share for the quarter, missing the consensus estimate of ($0.45) by ($0.01). During the same period last year, the firm posted ($0.72) EPS. As a group, research analysts anticipate that Lordstown Motors Corp. will post -1.88 earnings per share for the current year.

In related news, major shareholder Stephen S. Burns sold 5,285,000 shares of the firm’s stock in a transaction that occurred on Monday, February 28th. The shares were sold at an average price of $2.56, for a total value of $13,529,600.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Stephen S. Burns sold 2,500,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 2nd. The shares were sold at an average price of $2.44, for a total transaction of $6,100,000.00. The disclosure for this sale can be found here. Corporate insiders own 3.16% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the company. Strs Ohio grew its position in shares of Lordstown Motors by 63.3% during the fourth quarter. Strs Ohio now owns 36,100 shares of the company’s stock worth $124,000 after buying an additional 14,000 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its position in shares of Lordstown Motors by 46.1% during the fourth quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 170,154 shares of the company’s stock worth $633,000 after buying an additional 53,703 shares in the last quarter. Aries Wealth Management acquired a new stake in shares of Lordstown Motors during the fourth quarter worth approximately $72,000. Teacher Retirement System of Texas grew its position in shares of Lordstown Motors by 28.6% during the third quarter. Teacher Retirement System of Texas now owns 18,503 shares of the company’s stock worth $148,000 after buying an additional 4,115 shares in the last quarter. Finally, United Capital Financial Advisers LLC acquired a new stake in shares of Lordstown Motors during the third quarter worth approximately $123,000. 45.45% of the stock is owned by institutional investors and hedge funds.

Lordstown Motors Company Profile (NASDAQ:RIDE)

Lordstown Motors Corp. develops, manufactures, and sells Endurance, an electric full-size pickup truck for fleet customers. The company was founded in 2019 and is based in Lordstown, Ohio.

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