Lordstown Motors Corp. [RIDE] moved down -6.54: Why It’s Important

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Lordstown Motors Corp. [NASDAQ: RIDE] closed the trading session at $1.78 on 05/09/22. The day’s price range saw the stock hit a low of $1.55, while the highest price level was $1.88. The company report on May 9, 2022 that Lordstown Motors Reports First Quarter 2022 Financial Results.

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Lordstown Motors Corp. (Nasdaq: RIDE), (“Lordstown Motors” or “LMC”), an original equipment manufacturer (OEM) of electric light duty trucks focused on the commercial fleet market, today released its first quarter 2022 financial results and provided a business update.

The stocks have a year to date performance of -48.26 percent and weekly performance of -14.18 percent. The stock has been moved at -68.13 percent over the last six months. The stock has performed -42.70 percent around the most recent 30 days and changed -40.10 percent over the most recent 3-months.

If compared to the average trading volume of 6.58M shares, RIDE reached to a volume of 10050617 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]:

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 0.23 The Price to Book ratio for the last quarter was 0.64, with the Price to Cash per share for the same quarter was set at 1.14.

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 -14.18. With this latest performance, RIDE shares dropped by -42.70% in over the last four-week period, additionally sinking by -68.13% over the last 6 months – not to mention a drop of -75.78% 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 28.52, with the RSI for the last a single of trading hit 21.11, and the three-weeks RSI is set at 33.72 for Lordstown Motors Corp. [RIDE]. The present Moving Average for the last 50 days of trading for this stock 2.5864, while it was recorded at 1.9820 for the last single week of trading, and 4.2908 for the last 200 days.

Lordstown Motors Corp. [RIDE]: An insightful look at the core fundamentals

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.

Lordstown Motors Corp. [RIDE]: Insider Ownership positions

There are presently around $102 million, or 30.40% 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 $17.07 million in RIDE stocks shares; and INVESCO LTD., currently with $10.53 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 93 institutional holders increased their position in Lordstown Motors Corp. [NASDAQ:RIDE] by around 13,593,476 shares. Additionally, 68 investors decreased positions by around 5,367,989 shares, while 30 investors held positions by with 38,271,499 shares. The mentioned changes placed institutional holdings at 57,232,964 shares, according to the latest SEC report filing. RIDE stock had 31 new institutional investments in for a total of 805,173 shares, while 28 institutional investors sold positions of 1,336,692 shares during the same period.