Lordstown Motors Corp. [RIDE] stock Downgrade by R. F. Lafferty analyst, price target now $1
Lordstown Motors Corporation. [NASDAQ: RIDE] It traded at the lowest level on 22/09/22, recording a loss of -2.66 after which it closed the day’s session at $1.83. Company report on August 4, 2022 Lordstown Motors Corporation announces its financial results for the second quarter of 2022.
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Lordstown Motors Corp. (Nasdaq: RIDE), (“Lordstown Motors” or “LMC”), the original equipment manufacturer (“OEM”) of light electric vehicles focused on the commercial fleet market, today released its financial results for the second quarter of 2022 and presented Business update.
The results of the trading session contributed to the trading of more than 2932,651 shares. Over the past week, Lordstown Motors Corp’s price volatility was 7.48% while volatility over the past month was 6.98%.
RIDE’s stock has a market capitalization of $400.72 million, with 200.82 million shares outstanding and 166.64 million shares in current float. Compared to an average trading volume of 4.33 million shares, RIDE’s trading volume reached 2,932,651 on the last trading day, which is why market watchers consider the stock to be active.
What Top Market Experts Say About Lordstown Motors Corp. [RIDE]?
Based on careful, fact-backed analysis by Wall Street experts, the current consensus on RIDE’s stock price target is $3.10 per share. Target price analysis and stock performance are usually carefully studied by market experts, and the current Wall Street consensus for RIDE stock is a set recommendation at 3.60. This rating represents a strong buy recommendation, on a scale of 1 to 5, where 5 means strong sell, 4 represents sell, 3 represents hold, and 2 indicates buy.
RF Lafferty made an estimate for Lordstown Motors Corp. stock, keeping their opinion of the stock as sell, with their previous recommendation back on May 10, 2022. While these analysts held the previous recommendation, RF Lafferty raised their target price from $3 to $7. The new price target note was released on November 12, 2021, which is the official price target price for Lordstown Motors Corp. stock. On October 5, 2021, analysts cut their target price for RIDE shares from 8 to 2.
Lordstown Motors Corp’s Average True Range (ATR) is set at 0.15. The price-to-book value ratio for the fourth quarter was 0.69, with the price-to-cash-to-cash ratio for the same quarter set at 1.08.
How has RIDE stock been performing lately?
Lordstown Motors Corporation. [RIDE] It fell into the red at the end of last week, fell in a negative direction and fell by -15.67. With this latest performance, RIDE shares are down -9.41% over the past four-week period, as well as down -38.18% over the past six months — not to mention a -73.25% drop in the last year of trading.
Overbought and oversold stocks can be easily tracked by the Relative Strength Index (RSI), where an RSI result of over 70 is overbought, and any price below 30 indicates oversold conditions. The RSI of 50 represents neutral momentum in the market. The current RSI for RIDE stock for the past two weeks was set at 38.98, with the RSI for the last one trading at 34.57, and the three-week RSI set at 42.10 for Lordstown Motors Corp. [RIDE]. The current moving average of the last 50 trading days for this stock is 2.2152 while it recorded at 1.9040 for the last trading week, and 2.5440 for the last 200 days.
Lordstown Motors Corporation. [RIDE]: A deeper look into the basics
The return on equity for this stock fell to -70.13, with the return on assets remaining at -56.37.
Lordstown Motors Corp.’s liquidity data is also interesting, with the quick ratio at 4.60 and the current ratio at 4.60.
Lordstown Motors Corp.’s Business Insider Stands. [RIDE]
There are currently approximately $116 million, or 31.00% of RIDE’s stock, in the hands of institutional investors. The three largest RIDE shareholders are: BLACKROCK INC. With an ownership of 10,603,126, which is approximately 6.569% of the company’s market capitalization and about 0.30% of the total institutional ownership; INVESCO LTD. , which owns 9,599,695 shares of stock with an approximate value of $17.57 million in RIDE stock; and VANGUARD GROUP INC, which currently holds $12.92 million in RIDE stock with ownership of approximately -22.532% of the company’s market capitalization.
Positions in Lordstown Motors shares held by institutional investors increased at the end of August and at the time of the report in August, as 68 institutional investors consolidated their positions in Lordstown Motors. [NASDAQ:RIDE] About 16,230,823 shares. In addition, 63 investors decreased their positions by 9,850,706 shares, while 40 investors occupied positions with 37,189,619 shares. The said changes put institutional holdings at 63,271,148 shares, according to the latest report by the Securities and Exchange Commission. RIDE had 12 new institutional investments totaling 179,269 shares, while 24 institutional investors sold positions of 707,573 shares during the same period.