Brokerages Expect Lordstown Motors Corp. (NASDAQ:RIDE) Will Announce Earnings of -$0.49 Per Share

Wall Street analysts expect Lordstown Motors Corp. (NASDAQ:RIDEGet Rating) to announce ($0.49) earnings per share (EPS) for the current fiscal quarter, according to Zacks Investment Research. Zero analysts have issued estimates for Lordstown Motors’ earnings. The lowest EPS estimate is ($0.51) and the highest is ($0.47). Lordstown Motors reported earnings of ($0.61) per share in the same quarter last year, which indicates a positive year over year growth rate of 19.7%. The firm is scheduled to report its next quarterly earnings report on Monday, January 1st.

On average, analysts expect that Lordstown Motors will report full-year earnings of ($1.88) per share for the current year, with EPS estimates ranging from ($1.95) to ($1.80). For the next fiscal year, analysts forecast that the business will post earnings of ($1.15) per share, with EPS estimates ranging from ($1.30) to ($1.00). Zacks’ earnings per share calculations are an average based on a survey of sell-side research firms that that provide coverage for Lordstown Motors.

Lordstown Motors (NASDAQ:RIDEGet Rating) last issued its quarterly earnings data on Monday, May 9th. The company reported ($0.46) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.45) by ($0.01). During the same quarter last year, the firm posted ($0.72) earnings per share.

Several equities analysts recently weighed in on the company. R. F. Lafferty downgraded Lordstown Motors from a “hold” rating to a “sell” rating in a research report on Tuesday, May 10th. Royal Bank of Canada reduced their target price on Lordstown Motors from $2.50 to $1.50 and set an “underperform” rating on the stock in a research report on Tuesday, March 1st. Deutsche Bank Aktiengesellschaft dropped their price target on Lordstown Motors from $3.00 to $2.00 in a research note on Tuesday, May 10th. The Goldman Sachs Group dropped their price target on Lordstown Motors from $2.50 to $2.00 and set a “sell” rating for the company in a research note on Tuesday, March 1st. Finally, Zacks Investment Research lowered Lordstown Motors from a “hold” rating to a “sell” rating in a research note on Saturday, May 14th. Six research analysts have rated the stock with a sell rating and two have assigned a hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Sell” and an average price target of $3.66.

In related news, major shareholder Stephen S. Burns sold 5,285,000 shares of Lordstown Motors stock in a transaction on Monday, February 28th. The stock was sold at an average price of $2.56, for a total value of $13,529,600.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Stephen S. Burns sold 2,500,000 shares of the firm’s stock in a transaction on Wednesday, March 2nd. The stock was sold at an average price of $2.44, for a total value of $6,100,000.00. The disclosure for this sale can be found here. 3.16% of the stock is currently owned by company insiders.

Institutional investors have recently modified their holdings of the company. BlackRock Inc. boosted its position in Lordstown Motors by 27.7% during the fourth quarter. BlackRock Inc. now owns 9,562,205 shares of the company’s stock valued at $32,989,000 after purchasing an additional 2,076,328 shares during the last quarter. Invesco Ltd. boosted its position in Lordstown Motors by 35.4% during the fourth quarter. Invesco Ltd. now owns 5,897,749 shares of the company’s stock valued at $20,348,000 after purchasing an additional 1,543,310 shares during the last quarter. SG Americas Securities LLC boosted its position in Lordstown Motors by 641.6% during the first quarter. SG Americas Securities LLC now owns 1,564,583 shares of the company’s stock valued at $5,335,000 after purchasing an additional 1,353,613 shares during the last quarter. State Street Corp boosted its position in Lordstown Motors by 38.5% during the fourth quarter. State Street Corp now owns 3,670,344 shares of the company’s stock valued at $12,663,000 after purchasing an additional 1,020,257 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in Lordstown Motors during the first quarter valued at $3,029,000. 45.45% of the stock is owned by institutional investors and hedge funds.

NASDAQ RIDE traded up $0.11 during trading hours on Friday, hitting $1.99. 317,873 shares of the company’s stock were exchanged, compared to its average volume of 8,004,821. The business’s 50 day moving average is $2.52 and its 200-day moving average is $3.19. Lordstown Motors has a 12-month low of $1.50 and a 12-month high of $15.80. The firm has a market capitalization of $392.82 million, a P/E ratio of -0.98 and a beta of 0.87.

Lordstown Motors Company Profile (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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