Market Analysts see Lordstown Motors Corp. [RIDE] falling to $1. Time to buy?

Lordstown Motors Corp. [NASDAQ: RIDE] closed the trading session at $1.30 on 01/23/23. The day’s price range saw the stock hit a low of $1.23, while the highest price level was $1.32. The company report on December 22, 2022 that Lordstown Endurance™ On Site at CES in West Hall Booth 5274.

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The light-duty truck, a finalist for the North American Truck of the Year competition, began commercial production at the Foxconn EV Ohio assembly plant in Q3. Sales started earlier this quarter.

The stocks have a year to date performance of 14.04 percent and weekly performance of 13.04 percent. The stock has been moved at -38.10 percent over the last six months. The stock has performed 9.24 percent around the most recent 30 days and changed -23.98 percent over the most recent 3-months.

If compared to the average trading volume of 5.93M shares, RIDE reached to a volume of 5290987 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 $3.44 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 0.11 The Price to Book ratio for the last quarter was 0.67, with the Price to Cash per share for the same quarter was set at 1.04.

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 13.04. With this latest performance, RIDE shares gained by 9.24% in over the last four-week period, additionally sinking by -38.10% over the last 6 months – not to mention a drop of -50.38% 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 57.38, with the RSI for the last a single of trading hit 66.25, and the three-weeks RSI is set at 52.02 for Lordstown Motors Corp. [RIDE]. The present Moving Average for the last 50 days of trading for this stock 1.3228, while it was recorded at 1.2180 for the last single week of trading, and 1.8597 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 2.80 and a Current Ratio set at 2.90.

Earnings per share (EPS) analysis for Lordstown Motors Corp. [RIDE] stock

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for RIDE. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Lordstown Motors Corp. go to -13.88%.

Lordstown Motors Corp. [RIDE]: Insider Ownership positions

There are presently around $78 million, or 28.10% of RIDE stock, in the hands of institutional investors. The top three institutional holders of RIDE stocks are: BLACKROCK INC. with ownership of 11,349,447, which is approximately 7.039% of the company’s market cap and around 12.40% of the total institutional ownership; INVESCO LTD., holding 9,347,784 shares of the stock with an approximate value of $12.15 million in RIDE stocks shares; and VANGUARD GROUP INC, currently with $10.71 million in RIDE stock with ownership of nearly 16.738% of the company’s market capitalization.

Positions in Lordstown Motors Corp. stocks held by institutional investors increased at the end of March and at the time of the March reporting period, where 67 institutional holders increased their position in Lordstown Motors Corp. [NASDAQ:RIDE] by around 8,139,374 shares. Additionally, 52 investors decreased positions by around 10,267,593 shares, while 44 investors held positions by with 41,729,630 shares. The mentioned changes placed institutional holdings at 60,136,597 shares, according to the latest SEC report filing. RIDE stock had 24 new institutional investments in for a total of 1,479,647 shares, while 17 institutional investors sold positions of 2,349,550 shares during the same period.


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