Lordstown Motors Corp. [NASDAQ: RIDE] loss -11.38% on the last trading session, reaching $1.09 price per share at the time. The company report on February 23, 2023 that Lordstown Motors Announces Production and Delivery Pause to Address Quality Issues, Voluntary Recall, and Timing of Fiscal Year 2022 Financial Results and Webcast.
Lordstown Motors Corp. also announced today that it has experienced performance and quality issues with certain Endurance components that have led the company to temporarily stop production and customer deliveries since our last production update in January. The team is diligently working with suppliers on the root cause analysis of each issue and potential solutions, which in some cases may include part design modifications, retrofits, and software updates. In this regard, LMC has filed paperwork with the National Highway Traffic Safety Administration (NHTSA) to voluntarily recall the Endurance to address a specific electrical connection issue that could result in a loss of propulsion while driving. Lordstown is working with its supplier network to implement a corrective action that the Company believes will address this issue. The recall will affect 19 vehicles that are either in the hands of customers or being used internally by LMC. Vehicles waiting for shipment and vehicles in process at the manufacturing plant will also be retrofitted with the corrective action once components are available.
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Lordstown Motors Corp. represents 211.95 million in outstanding shares, while the company has a total market value of $236.53 million with the latest information. RIDE stock price has been found in the range of $1.05 to $1.16.
If compared to the average trading volume of 4.76M shares, RIDE reached a trading volume of 5636188 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 $3.44 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 0.56, with the Price to Cash per share for the same quarter was set at 0.94.
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 -21.01. With this latest performance, RIDE shares dropped by -12.10% in over the last four-week period, additionally sinking by -46.04% over the last 6 months – not to mention a drop of -63.67% 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 37.78, with the RSI for the last a single of trading hit 31.29, and the three-weeks RSI is set at 41.01 for Lordstown Motors Corp. [RIDE]. The present Moving Average for the last 50 days of trading for this stock 1.2154, while it was recorded at 1.2260 for the last single week of trading, and 1.7356 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 2.80 and a Current Ratio set at 2.90.
Lordstown Motors Corp. [RIDE]: An earnings per share (EPS) analysis
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%.
An analysis of insider ownership at Lordstown Motors Corp. [RIDE]
There are presently around $62 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 12,382,405, which is approximately 9.101% of the company’s market cap and around 12.40% of the total institutional ownership; INVESCO LTD., holding 10,558,420 shares of the stock with an approximate value of $11.51 million in RIDE stocks shares; and VANGUARD GROUP INC, currently with $9.13 million in RIDE stock with ownership of nearly 1.684% of the company’s market capitalization.
Positions in Lordstown Motors Corp. stocks held by institutional investors increased at the end of Wednesday and at the time of the Wednesday reporting period, where 72 institutional holders increased their position in Lordstown Motors Corp. [NASDAQ:RIDE] by around 5,484,836 shares. Additionally, 56 investors decreased positions by around 8,007,681 shares, while 41 investors held positions by with 43,761,988 shares. The mentioned changes placed institutional holdings at 57,254,505 shares, according to the latest SEC report filing. RIDE stock had 28 new institutional investments in for a total of 819,689 shares, while 21 institutional investors sold positions of 773,687 shares during the same period.