Lordstown Motors Corp. [NASDAQ: RIDE] loss -4.59% or -0.1 points to close at $2.08 with a heavy trading volume of 12560600 shares. The company report on April 29, 2022 that Lordstown Motors Announces Timing of First Quarter Financial Results and Webcast; Provides Update on Foxconn Transactions.
Lordstown Motors Corp. (Nasdaq: RIDE) (“Lordstown Motors”), a developer of electric light-duty trucks focused on the commercial fleet market, today announced that it will release its first quarter financial results before market open on May 9, 2022. The company will then host a conference call at 8:30 a.m. Eastern Time.
The call can be accessed via a live webcast accessible on the Events page of Lordstown Motors’ Investor Relations website at https://investor.lordstownmotors.com/. An archive of the webcast will be available shortly after the call.
It opened the trading session at $2.18, the shares rose to $2.21 and dropped to $1.96, the range by which the price of stock traded the whole day. The daily chart for RIDE points out that the company has recorded -59.77% loss over the past six months. However, it is still -4.52% lower than its most recent low trading price.
If we look at the average trading volume of 6.47M shares, RIDE reached to a volume of 12560600 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 $3.50 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 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 0.24 The Price to Book ratio for the last quarter was 0.75, with the Price to Cash per share for the same quarter was set at 1.20.
Trading performance analysis for RIDE stock
Lordstown Motors Corp. [RIDE] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -13.33. With this latest performance, RIDE shares dropped by -39.00% in over the last four-week period, additionally sinking by -59.77% over the last 6 months – not to mention a drop of -77.44% 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 34.24, with the RSI for the last a single of trading hit 28.67, and the three-weeks RSI is set at 37.99 for Lordstown Motors Corp. [RIDE]. The present Moving Average for the last 50 days of trading for this stock 2.70, while it was recorded at 2.19 for the last single week of trading, and 4.45 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 $119 million, or 29.70% 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 $19.89 million in RIDE stocks shares; and INVESCO LTD., currently with $12.27 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 May and at the time of the May reporting period, where 90 institutional holders increased their position in Lordstown Motors Corp. [NASDAQ:RIDE] by around 13,990,757 shares. Additionally, 78 investors decreased positions by around 5,485,245 shares, while 29 investors held positions by with 37,772,680 shares. The mentioned changes placed institutional holdings at 57,248,682 shares, according to the latest SEC report filing. RIDE stock had 32 new institutional investments in for a total of 1,175,029 shares, while 36 institutional investors sold positions of 1,343,230 shares during the same period.