Monday, March 1, 2021

Lordstown Motors Corp. [RIDE] is 31.85% higher this YTD. Is it still time to buy?

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Lordstown Motors Corp. [NASDAQ: RIDE] surged by $3.24 during the normal trading session on Tuesday and reaching a high of $27.93 during the day while it closed the day at $26.45. The company report on January 13, 2021 that Lordstown Motors Corp. Advances to Next Stage in Department of Energy’s Advanced Technology Vehicles Manufacturing Loan Program Application.

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Lordstown Motors Corp. (Nasdaq: RIDE), (“Lordstown Motors”), a leader in electric light duty trucks focused on the commercial fleet market, has accepted an invitation from the United States Department of Energy to start the due diligence process toward securing an Advanced Technology Vehicles Manufacturing Loan (“ATVM Loan”).


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The DOE’s invitation is not an assurance that Lordstown Motors will secure an ATVM loan. The ATVM Loan Program was authorized by the Energy Independence and Security Act of 2007 to support the manufacturing of eligible light-duty vehicles and qualifying components in the United States. Since the start of the program, the Department of Energy has closed on more than $8 billion in loans.

Lordstown Motors Corp. stock has also gained 9.16% of its value over the past 7 days. However, RIDE stock has inclined by 45.25% in the 3 months of the year. Over the past six months meanwhile, it has gained 154.33% and gained 31.85% year-on date.

The market cap for RIDE stock reached $4.43 billion, with 164.95 million shares outstanding and 99.36 million shares in the current float. Compared to the average trading volume of 8.78M shares, RIDE reached a trading volume of 22163664 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about Lordstown Motors Corp. [RIDE]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for RIDE shares is $32.50 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on RIDE stock is a recommendation set at 2.50. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

R. F. Lafferty have made an estimate for Lordstown Motors Corp. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on December 22, 2020. While these analysts kept the previous recommendation, Goldman raised their target price to Buy. The new note on the price target was released on December 11, 2020, representing the official price target for Lordstown Motors Corp. stock. Previously, the target price had yet another raise to $14, while Wolfe Research analysts kept a Underperform rating on RIDE stock.

The Average True Range (ATR) for Lordstown Motors Corp. is set at 2.22 The Price to Book ratio for the last quarter was 3.40, with the Price to Cash per share for the same quarter was set at 0.00.

RIDE stock trade performance evaluation

Lordstown Motors Corp. [RIDE] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 9.16. With this latest performance, RIDE shares gained by 16.98% in over the last four-week period, additionally plugging by 154.33% over the last 6 months – not to mention a rise of 166.63% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for RIDE stock in for the last two-week period is set at 61.11, with the RSI for the last a single of trading hit 64.79, and the three-weeks RSI is set at 58.58 for Lordstown Motors Corp. [RIDE]. The present Moving Average for the last 50 days of trading for this stock 22.61, while it was recorded at 24.12 for the last single week of trading, and 16.52 for the last 200 days.

Lordstown Motors Corp. [RIDE]: An insightful look at the core fundamentals

Lordstown Motors Corp.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.10 and a Current Ratio set at 0.10.

Lordstown Motors Corp. [RIDE]: Insider Ownership positions

There are presently around $241 million, or 11.70% of RIDE stock, in the hands of institutional investors. The top three institutional holders of RIDE stocks are: BLACKROCK INC. with ownership of 4,062,500, which is approximately New of the company’s market cap and around 19.90% of the total institutional ownership; DAVIDSON KEMPNER CAPITAL MANAGEMENT LP, holding 1,500,000 shares of the stock with an approximate value of $34.81 million in RIDE stocks shares; and HOLOCENE ADVISORS, LP, currently with $28.97 million in RIDE stock with ownership of nearly New of the company’s market capitalization.

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67 institutional holders increased their position in Lordstown Motors Corp. [NASDAQ:RIDE] by around 10,090,285 shares. Additionally, 45 investors decreased positions by around 19,347,977 shares, while 1 investors held positions by with 19,040,270 shares. The mentioned changes placed institutional holdings at 10,397,992 shares, according to the latest SEC report filing. RIDE stock had 62 new institutional investments in for a total of 10,002,948 shares, while 40 institutional investors sold positions of 17,544,008 shares during the same period.

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