Lordstown Motors Corp. (NASDAQ:RIDE) Given Consensus Recommendation of “Sell” by Brokerages

Posted by on May 24th, 2022

Shares of Lordstown Motors Corp. (NASDAQ:RIDE – Get Rating) have earned a consensus rating of “Sell” from the nine brokerages that are covering the firm, MarketBeat Ratings reports. Seven investment analysts have rated the stock with a sell recommendation and one has assigned a hold recommendation to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $2.50.

RIDE has been the topic of a number of recent research reports. Zacks Investment Research cut shares of Lordstown Motors from a “hold” rating to a “sell” rating in a research note on Saturday, May 14th. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Lordstown Motors from $3.00 to $2.00 in a research note on Tuesday, May 10th. R. F. Lafferty cut shares of Lordstown Motors from a “hold” rating to a “sell” rating in a research note on Tuesday, May 10th. Royal Bank of Canada dropped their price target on shares of Lordstown Motors from $2.50 to $1.50 and set an “underperform” rating on the stock in a research note on Tuesday, March 1st. Finally, The Goldman Sachs Group lowered their target price on shares of Lordstown Motors from $2.50 to $2.00 and set a “sell” rating on the stock in a research note on Tuesday, March 1st.

RIDE stock traded down $0.15 during trading on Tuesday, reaching $1.93. The stock had a trading volume of 75,937 shares, compared to its average volume of 8,114,507. Lordstown Motors has a one year low of $1.50 and a one year high of $15.80. The company’s 50 day moving average is $2.57 and its two-hundred day moving average is $3.26. The company has a market capitalization of $380.98 million, a price-to-earnings ratio of -0.93 and a beta of 0.87.

Lordstown Motors (NASDAQ:RIDE – Get Rating) last issued its quarterly earnings data on Monday, May 9th. The company reported ($0.46) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.45) by ($0.01). During the same period last year, the company earned ($0.72) EPS. Equities research analysts anticipate that Lordstown Motors will post -1.88 EPS for the current year.

In other news, major shareholder Stephen S. Burns sold 2,500,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 2nd. The shares were sold at an average price of $2.44, for a total transaction of $6,100,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Stephen S. Burns sold 5,285,000 shares of the business’s stock in a transaction that occurred on Monday, February 28th. The shares were sold at an average price of $2.56, for a total transaction of $13,529,600.00. The disclosure for this sale can be found here. Insiders own 3.16% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Raymond James & Associates grew its position in Lordstown Motors by 14.8% during the third quarter. Raymond James & Associates now owns 13,978 shares of the company’s stock valued at $112,000 after buying an additional 1,799 shares during the period. Bank of New York Mellon Corp grew its position in Lordstown Motors by 0.6% during the third quarter. Bank of New York Mellon Corp now owns 360,692 shares of the company’s stock valued at $2,879,000 after buying an additional 2,144 shares during the period. Deutsche Bank AG grew its position in Lordstown Motors by 3.1% during the third quarter. Deutsche Bank AG now owns 74,522 shares of the company’s stock valued at $594,000 after buying an additional 2,209 shares during the period. Teacher Retirement System of Texas grew its position in Lordstown Motors by 21.0% during the fourth quarter. Teacher Retirement System of Texas now owns 22,393 shares of the company’s stock valued at $77,000 after buying an additional 3,890 shares during the period. Finally, Legal & General Group Plc grew its position in Lordstown Motors by 5.7% during the fourth quarter. Legal & General Group Plc now owns 85,334 shares of the company’s stock valued at $295,000 after buying an additional 4,576 shares during the period. 45.45% of the stock is owned by hedge funds and other institutional investors.

About Lordstown Motors (Get Rating)

Lordstown Motors Corp. develops, manufactures, and sells Endurance, an electric full-size pickup truck for fleet customers. The company was founded in 2019 and is based in Lordstown, Ohio.

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Analyst Recommendations for Lordstown Motors (NASDAQ:RIDE)

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