Lordstown Motors Corp. [NASDAQ: RIDE] price plunged by -3.70 percent to reach at -$0.04. 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.
From Robots to Self-Driving Cars: 5 AI Stocks to Consider for Your Portfolio
The artificial intelligence (AI) revolution is already here and it's about to change everything we know about everything. With the global market for AI projected to grow from $137 billion in 2022 to over $1.81 trillion by 2030, there's never been a better time to invest in this burgeoning industry. That's why we've compiled a list of the Top 5 AI Stocks to Buy for 2023. These companies are at the forefront of the AI revolution, and have the potential to deliver huge returns to investors like you.
Get our free report, "Top 5 AI Stocks to Buy for 2023".
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.
A sum of 6286815 shares traded at recent session while its average daily volume was at 4.75M shares. Lordstown Motors Corp. shares reached a high of $1.085 and dropped to a low of $1.02 until finishing in the latest session at $1.04.
The one-year RIDE stock forecast points to a potential upside of 69.77. The average equity rating for RIDE stock is currently 3.70, trading closer to a bullish pattern in the stock market.
Guru’s Opinion on 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 0.10 The Price to Book ratio for the last quarter was 0.53, with the Price to Cash per share for the same quarter was set at 0.91.
RIDE Stock Performance Analysis:
Lordstown Motors Corp. [RIDE] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -14.05. With this latest performance, RIDE shares dropped by -19.38% in over the last four-week period, additionally sinking by -49.51% over the last 6 months – not to mention a drop of -67.60% 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 35.87, with the RSI for the last a single of trading hit 29.55, and the three-weeks RSI is set at 39.41 for Lordstown Motors Corp. [RIDE]. The present Moving Average for the last 50 days of trading for this stock 1.1984, while it was recorded at 1.1000 for the last single week of trading, and 1.7267 for the last 200 days.
Insight into Lordstown Motors Corp. 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.
RIDE Stock EPS
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 Position Details
There are presently around $60 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 $10.98 million in RIDE stocks shares; and VANGUARD GROUP INC, currently with $8.71 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 Monday and at the time of the Monday reporting period, where 72 institutional holders increased their position in Lordstown Motors Corp. [NASDAQ:RIDE] by around 5,484,836 shares. Additionally, 57 investors decreased positions by around 8,008,551 shares, while 40 investors held positions by with 43,760,248 shares. The mentioned changes placed institutional holdings at 57,253,635 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.