Market Analysts see Lordstown Motors Corp. [RIDE] gaining to $7. Time to buy?


Lordstown Motors Corp. [NASDAQ: RIDE] gained 9.59% or 0.21 points to close at $2.40 with a heavy trading volume of 8034478 shares. The company report on March 2, 2022 that Lordstown Motors Exhibiting at NTEA Work Truck Week March 9-11.

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Lordstown Motors Corp. (Nasdaq: RIDE), (“Lordstown Motors” or “LMC”), a provider of electric light duty trucks focused on the commercial fleet market, will be in Booth #409 at the March 9-11 Work Truck Week in Indianapolis.

The Ohio manufacturer is bringing the Lordstown Endurance full size all-electric pickup onsite at the Work Truck Week show at the Indiana Convention Center. The truck launches production and commercial sales in the third quarter of 2022.

It opened the trading session at $2.26, the shares rose to $2.46 and dropped to $2.23, the range by which the price of stock traded the whole day. The daily chart for RIDE points out that the company has recorded -64.91% loss over the past six months. However, it is still -20.6% lower than its most recent low trading price.

If we look at the average trading volume of 7.37M shares, RIDE reached to a volume of 8034478 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying 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 $3.64 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 3.70. 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 Hold, with their previous recommendation back on November 12, 2021. The new note on the price target was released on November 12, 2021, representing the official price target for Lordstown Motors Corp. stock. Previously, the target price had yet another drop from $8 to $2, while Morgan Stanley kept a Underweight rating on RIDE stock.

The Average True Range (ATR) for Lordstown Motors Corp. is set at 0.27 The Price to Book ratio for the last quarter was 0.86, with the Price to Cash per share for the same quarter was set at 1.24.

Trading performance analysis for RIDE stock

Lordstown Motors Corp. [RIDE] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 2.13. With this latest performance, RIDE shares dropped by -21.82% in over the last four-week period, additionally sinking by -64.91% over the last 6 months – not to mention a drop of -84.10% 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 44.94, with the RSI for the last a single of trading hit 47.98, and the three-weeks RSI is set at 43.65 for Lordstown Motors Corp. [RIDE]. The present Moving Average for the last 50 days of trading for this stock 2.83, while it was recorded at 2.23 for the last single week of trading, and 5.67 for the last 200 days.

Lordstown Motors Corp. [RIDE]: A deeper dive into fundamental analysis

Return on Equity for this stock declined to -70.13, with Return on Assets sitting at -56.37.

Lordstown Motors Corp.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.00 and a Current Ratio set at 2.00.

An analysis of insider ownership at Lordstown Motors Corp. [RIDE]

There are presently around $120 million, or 29.30% of RIDE stock, in the hands of institutional investors. The top three institutional holders of RIDE stocks are: VANGUARD GROUP INC with ownership of 11,264,704, which is approximately 15.077% of the company’s market cap and around 18.10% of the total institutional ownership; BLACKROCK INC., holding 9,562,205 shares of the stock with an approximate value of $20.94 million in RIDE stocks shares; and INVESCO LTD., currently with $12.92 million in RIDE stock with ownership of nearly 35.442% of the company’s market capitalization.

Positions in Lordstown Motors Corp. stocks held by institutional investors increased at the end of February and at the time of the February reporting period, where 90 institutional holders increased their position in Lordstown Motors Corp. [NASDAQ:RIDE] by around 11,417,099 shares. Additionally, 78 investors decreased positions by around 5,763,162 shares, while 27 investors held positions by with 37,394,614 shares. The mentioned changes placed institutional holdings at 54,574,875 shares, according to the latest SEC report filing. RIDE stock had 37 new institutional investments in for a total of 1,245,555 shares, while 33 institutional investors sold positions of 1,332,920 shares during the same period.