Lordstown Motors Corp. [NASDAQ: RIDE] surged by $0.23 during the normal trading session on Friday and reaching a high of $2.54 during the day while it closed the day at $2.45. The company report on May 11, 2022 that Lordstown Motors and Foxconn Close Asset Purchase Agreement and Enter into JV Agreement for MIH Based EV Development.
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$100 million Investment in Joint Venture.
Asset Purchase Agreement closing results in approximately $260 million in proceeds to LMC, in addition to prior $50 million common stock purchase.
Lordstown Motors Corp. stock has also gained 28.27% of its value over the past 7 days. However, RIDE stock has declined by -19.41% in the 3 months of the year. Over the past six months meanwhile, it has lost -64.44% and lost -28.99% year-on date.
The market cap for RIDE stock reached $438.21 million, with 196.50 million shares outstanding and 158.31 million shares in the current float. Compared to the average trading volume of 8.09M shares, RIDE reached a trading volume of 32819447 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 $2.92 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 Sell, with their previous recommendation back on May 10, 2022. While these analysts kept the previous recommendation, R. F. Lafferty raised their target price from $3 to $7. The new note on the price target was released on November 12, 2021, representing the official price target for Lordstown Motors Corp. stock. On October 05, 2021, analysts decreased their price target for RIDE shares from 8 to 2.
The Average True Range (ATR) for Lordstown Motors Corp. is set at 0.28 The Price to Book ratio for the last quarter was 1.06, 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] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 28.27. With this latest performance, RIDE shares dropped by -9.59% in over the last four-week period, additionally sinking by -64.44% over the last 6 months – not to mention a drop of -66.58% 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 54.15, with the RSI for the last a single of trading hit 60.67, and the three-weeks RSI is set at 50.77 for Lordstown Motors Corp. [RIDE]. The present Moving Average for the last 50 days of trading for this stock 2.54, while it was recorded at 1.93 for the last single week of trading, and 4.20 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 1.20 and a Current Ratio set at 1.20.
Lordstown Motors Corp. [RIDE]: Insider Ownership positions
There are presently around $138 million, or 29.70% of RIDE stock, in the hands of institutional investors. The top three institutional holders of RIDE stocks are: BLACKROCK INC. with ownership of 9,949,513, which is approximately 4.05% of the company’s market cap and around 18.00% of the total institutional ownership; VANGUARD GROUP INC, holding 9,111,811 shares of the stock with an approximate value of $22.32 million in RIDE stocks shares; and INVESCO LTD., currently with $14.45 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 83 institutional holders increased their position in Lordstown Motors Corp. [NASDAQ:RIDE] by around 9,942,297 shares. Additionally, 72 investors decreased positions by around 7,667,915 shares, while 32 investors held positions by with 38,774,950 shares. The mentioned changes placed institutional holdings at 56,385,162 shares, according to the latest SEC report filing. RIDE stock had 28 new institutional investments in for a total of 2,096,982 shares, while 25 institutional investors sold positions of 964,378 shares during the same period.