Lordstown Motors Corp. [RIDE] fell -74.48% so far this year. What now?

Lordstown Motors Corp. [NASDAQ: RIDE] traded at a high on 10/12/21, posting a 7.11 gain after which it closed the day’ session at $5.12. The company report on October 1, 2021 that Lordstown Motors Provides Production and Financial Update.

Lordstown Motors Corp. (Nasdaq: RIDE), (“Lordstown Motors” or the “Company”), a provider of electric light duty trucks focused on the commercial fleet market, announced that the Company and Hon Hai Technology Group (“Foxconn”) (TWSE: 2317) have reached an agreement in principle to work jointly on electric vehicle programs in the Company’s assembly plant in Lordstown, Ohio. In connection with this announcement, the Company is updating its production plan and financial outlook.

Production of the Endurance™ – The Lordstown Motors team continues to move forward with its plan to build a limited number of vehicles for testing, validation, verification and regulatory approvals during the balance of 2021 and the first part of 2022. In light of the Foxconn agreement, the Company will evaluate the potential impact of the parties’ contract manufacturing relationship on commercial production, supply chain opportunities with Foxconn and the appropriate integration and timing of the parties’ operations teams and will provide an update on its production plan during our upcoming Q3 2021 earnings call currently slated for mid-November. See “Forward-Looking Statements” below.

The results of the trading session contributed to over 7504425 shares changing hands. Over the past one week, the price volatility of Lordstown Motors Corp. stands at 6.36% while the volatility over the past one month is 9.77%.

The market cap for RIDE stock reached $933.94 million, with 176.59 million shares outstanding and 111.46 million shares in the current float. Compared to the average trading volume of 11.52M shares, RIDE reached a trading volume of 7504425 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus 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 $6.86 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 3.30. 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.

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 October 05, 2021. While these analysts kept the previous recommendation, Morgan Stanley raised their target price to Equal-Weight. The new note on the price target was released on October 01, 2021, representing the official price target for Lordstown Motors Corp. stock. Previously, the target price had yet another raise to $5, while Goldman analysts kept a Sell rating on RIDE stock.

The Average True Range (ATR) for Lordstown Motors Corp. is set at 0.59 The Price to Book ratio for the last quarter was 1.51, with the Price to Cash per share for the same quarter was set at 2.01.

How has RIDE stock performed recently?

Lordstown Motors Corp. [RIDE] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -1.54. With this latest performance, RIDE shares dropped by -20.62% in over the last four-week period, additionally sinking by -52.85% over the last 6 months – not to mention a drop of -79.67% 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 38.23, with the RSI for the last a single of trading hit 35.39, and the three-weeks RSI is set at 40.15 for Lordstown Motors Corp. [RIDE]. The present Moving Average for the last 50 days of trading for this stock 6.14, while it was recorded at 4.98 for the last single week of trading, and 12.48 for the last 200 days.

Lordstown Motors Corp. [RIDE]: Deeper insight into the fundamentals

Return on Total Capital for RIDE is now -22.61, given the latest momentum, and Return on Invested Capital for the company is -27.37. Return on Equity for this stock declined to -27.40, with Return on Assets sitting at -23.58. When it comes to the capital structure of this company, Lordstown Motors Corp. [RIDE] has a Total Debt to Total Equity ratio set at 0.16. Additionally, RIDE Total Debt to Total Capital is recorded at 0.16, with Total Debt to Total Assets ending up at 0.13. Long-Term Debt to Equity for the company is recorded at 0.16, with the Long-Term Debt to Total Capital now at 0.16.

Reflecting on the efficiency of the workforce at the company, Lordstown Motors Corp. [RIDE] managed to generate an average of -$387,656 per employee.Lordstown Motors Corp.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 4.70 and a Current Ratio set at 4.70.

Insider trade positions for Lordstown Motors Corp. [RIDE]

There are presently around $266 million, or 30.10% of RIDE stock, in the hands of institutional investors. The top three institutional holders of RIDE stocks are: VANGUARD GROUP INC with ownership of 10,073,725, which is approximately 20.008% of the company’s market cap and around 37.02% of the total institutional ownership; BLACKROCK INC., holding 8,289,975 shares of the stock with an approximate value of $42.45 million in RIDE stocks shares; and FMR LLC, currently with $23.29 million in RIDE stock with ownership of nearly -1.098% of the company’s market capitalization.

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Positions in Lordstown Motors Corp. stocks held by institutional investors increased at the end of December and at the time of the December reporting period, where 100 institutional holders increased their position in Lordstown Motors Corp. [NASDAQ:RIDE] by around 22,770,379 shares. Additionally, 80 investors decreased positions by around 6,750,691 shares, while 28 investors held positions by with 22,501,597 shares. The mentioned changes placed institutional holdings at 52,022,667 shares, according to the latest SEC report filing. RIDE stock had 51 new institutional investments in for a total of 4,931,633 shares, while 51 institutional investors sold positions of 3,448,099 shares during the same period.

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