Lordstown Motors Corp. [NASDAQ: RIDE] closed the trading session at $11.38 on 03/24/21. The day’s price range saw the stock hit a low of $11.33, while the highest price level was $12.7486. The company report on March 25, 2021 that SHAREHOLDER ACTION NOTICE: The Schall Law Firm Announces the Filing of a Class Action Lawsuit Against Lordstown Motors Corp. and Encourages Investors with Losses in Excess of $100,000 to Contact the Firm.
The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Lordstown Motors Corp. (“Lordstown Motors” or “the Company”) (NASDAQ:RIDE) for violations of the securities laws.
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The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Lordstown Motors is the subject of a report published on March 12, 2021 by Hindenburg Research. The report, titled “The Lordstown Motors Mirage: Fake Orders, Undisclosed Production Hurdles, And A Prototype Inferno,” alleges that “conversations with former employees, business partners and an extensive document review” has revealed that the Company’s book of 100,000 pre-orders “are largely fictitious and used as a prop to raise capital and confer legitimacy.” The report also alleges that “former employees also shared that the company has completed none of its needed testing or validation, including cold weather testing, durability testing, and Federal Motor Vehicle Safety Standards (FMVSS) testing required by the NHTSA [National Highway Traffic Safety Administration].” Based on this news, shares of Lordstown Motors fell by more than 16.5% on the same day.
The stocks have a year to date performance of -43.27 percent and weekly performance of -24.59 percent. The stock has been moved at -59.60 percent over the last six months. The stock has performed -42.20 percent around the most recent 30 days and changed -41.19 percent over the most recent 3-months.
If compared to the average trading volume of 10.47M shares, RIDE reached to a volume of 11440648 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]:
Morgan Stanley have made an estimate for Lordstown Motors Corp. shares, keeping their opinion on the stock as Underweight, with their previous recommendation back on February 12, 2021. While these analysts kept the previous recommendation, Wolfe Research raised their target price from $14 to $27. The new note on the price target was released on January 29, 2021, representing the official price target for Lordstown Motors Corp. stock. Previously, the target price had yet another raise to $35, while R. F. Lafferty analysts kept a Buy rating on RIDE stock.
The Average True Range (ATR) for Lordstown Motors Corp. is set at 1.79 The Price to Book ratio for the last quarter was 1.46, 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] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -24.59. With this latest performance, RIDE shares dropped by -42.20% in over the last four-week period, additionally sinking by -59.60% over the last 6 months – not to mention a rise of 12.90% 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 27.27, with the RSI for the last a single of trading hit 22.49, and the three-weeks RSI is set at 31.54 for Lordstown Motors Corp. [RIDE]. The present Moving Average for the last 50 days of trading for this stock 21.71, while it was recorded at 12.72 for the last single week of trading, and 18.74 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 $455 million, or 24.60% 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 19.80% of the total institutional ownership; VANGUARD GROUP INC, holding 8,230,275 shares of the stock with an approximate value of $93.66 million in RIDE stocks shares; and INVESCO LTD., currently with $24.05 million in RIDE stock with ownership of nearly New of the company’s market capitalization.
120 institutional holders increased their position in Lordstown Motors Corp. [NASDAQ:RIDE] by around 32,924,768 shares. Additionally, 19 investors decreased positions by around 3,036,151 shares, while 7 investors held positions by with 4,039,896 shares. The mentioned changes placed institutional holdings at 40,000,815 shares, according to the latest SEC report filing. RIDE stock had 84 new institutional investments in for a total of 19,499,518 shares, while 16 institutional investors sold positions of 592,893 shares during the same period.