Lordstown Motors Corp. [RIDE] Stock trading around $29.51 per share: What’s Next?

Lordstown Motors Corp. [NASDAQ: RIDE] price surged by 6.80 percent to reach at $1.88. The company report on January 28, 2021 that Lordstown Motors Releases Business Updates; Prepares Ohio Factory to Begin Building Betas Next Month.

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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 announced another round of commercial, operational and strategic development updates as it remains on track to begin production of the Lordstown Endurance, which is anticipated to be the world’s first mass produced full-size all-electric pickup truck, this year.

“We are hard at work in the factory preparing to begin Beta builds in the coming weeks,” remarked Steve Burns, Chief Executive Officer of Lordstown Motors. “With this step on the horizon, we remain on track to meet our September start-of-production timeline while continuing to see indicators of strong demand for an all-wheel drive, full-size electric pickup truck with 250 miles of range from commercial, government and military fleets.”.

A sum of 15158267 shares traded at recent session while its average daily volume was at 9.35M shares. Lordstown Motors Corp. shares reached a high of $30.86 and dropped to a low of $27.35 until finishing in the latest session at $29.51.

The one-year RIDE stock forecast points to a potential upside of 17.45. The average equity rating for RIDE stock is currently 2.00, trading closer to a bullish pattern in the stock market.

Guru’s Opinion on 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 $35.75 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 2.00. 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.

Wolfe Research have made an estimate for Lordstown Motors Corp. shares, keeping their opinion on the stock as Peer Perform, with their previous recommendation back on January 29, 2021. While these analysts kept the previous recommendation, R. F. Lafferty raised their target price to Buy. The new note on the price target was released on December 22, 2020, representing the official price target for Lordstown Motors Corp. stock. Previously, the target price had yet another raise to $31, while Goldman analysts kept a Buy rating on RIDE stock.

The Average True Range (ATR) for Lordstown Motors Corp. is set at 2.39 The Price to Book ratio for the last quarter was 3.79, with the Price to Cash per share for the same quarter was set at 0.00.

RIDE Stock Performance Analysis:

Lordstown Motors Corp. [RIDE] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 8.29. With this latest performance, RIDE shares gained by 8.85% in over the last four-week period, additionally plugging by 138.56% over the last 6 months – not to mention a rise of 198.08% 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 67.22, with the RSI for the last a single of trading hit 72.89, and the three-weeks RSI is set at 63.31 for Lordstown Motors Corp. [RIDE]. The present Moving Average for the last 50 days of trading for this stock 23.05, while it was recorded at 27.74 for the last single week of trading, and 17.45 for the last 200 days.

Insight into Lordstown Motors Corp. 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 Position Details

There are presently around $524 million, or 13.40% of RIDE stock, in the hands of institutional investors. The top three institutional holders of RIDE stocks are: FMR LLC with ownership of 10,433,286, which is approximately 3710.55% of the company’s market cap and around 19.90% of the total institutional ownership; BLACKROCK INC., holding 1,642,768 shares of the stock with an approximate value of $45.39 million in RIDE stocks shares; and DAVIDSON KEMPNER CAPITAL MANAGEMENT LP, currently with $41.45 million in RIDE stock with ownership of nearly New of the company’s market capitalization.

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77 institutional holders increased their position in Lordstown Motors Corp. [NASDAQ:RIDE] by around 16,095,526 shares. Additionally, 46 investors decreased positions by around 20,986,774 shares, while 5 investors held positions by with 18,120,281 shares. The mentioned changes placed institutional holdings at 18,962,019 shares, according to the latest SEC report filing. RIDE stock had 63 new institutional investments in for a total of 5,411,377 shares, while 39 institutional investors sold positions of 16,762,878 shares during the same period.

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