The Lion Electric Company (NYSE:LEV – Get Rating) saw a significant drop in short interest in the month of December. As of December 30th, there was short interest totalling 11,640,000 shares, a drop of 6.1% from the December 15th total of 12,390,000 shares. Approximately 16.5% of the company’s stock are short sold. Based on an average daily trading volume, of 1,300,000 shares, the days-to-cover ratio is presently 9.0 days.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Shell Asset Management Co. lifted its position in Lion Electric by 40.7% during the second quarter. Shell Asset Management Co. now owns 6,774 shares of the company’s stock valued at $28,000 after purchasing an additional 1,959 shares during the period. Tudor Investment Corp Et Al acquired a new position in Lion Electric during the third quarter valued at $29,000. XTX Topco Ltd acquired a new position in Lion Electric during the first quarter valued at $96,000. Prelude Capital Management LLC acquired a new position in Lion Electric during the second quarter valued at $52,000. Finally, Van Hulzen Asset Management LLC acquired a new position in Lion Electric during the third quarter valued at $38,000. 43.71% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several equities analysts recently issued reports on LEV shares. B. Riley cut their price objective on shares of Lion Electric from $5.00 to $4.00 in a report on Wednesday, December 14th. Northland Securities started coverage on shares of Lion Electric in a report on Tuesday, December 27th. They set an “outperform” rating and a $5.00 price objective on the stock. National Bankshares cut their price objective on shares of Lion Electric from $9.00 to $4.50 and set an “outperform” rating on the stock in a report on Friday, November 4th. Raymond James cut their price target on shares of Lion Electric from $5.00 to $4.50 and set a “market perform” rating on the stock in a report on Monday, November 14th. Finally, Canaccord Genuity Group lowered shares of Lion Electric from a “buy” rating to a “hold” rating and cut their price target for the stock from $8.00 to $2.50 in a report on Friday, October 21st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Lion Electric has a consensus rating of “Moderate Buy” and a consensus target price of $7.13.
Lion Electric Price Performance
Lion Electric (NYSE:LEV – Get Rating) last announced its quarterly earnings data on Thursday, November 10th. The company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.01. The firm had revenue of $40.98 million for the quarter, compared to analyst estimates of $41.66 million. Lion Electric had a net margin of 43.68% and a negative return on equity of 10.19%. On average, equities research analysts predict that Lion Electric will post -0.27 EPS for the current year.
About Lion Electric
The Lion Electric Company designs, develops, manufactures, and distributes purpose-built all-electric medium and heavy-duty urban vehicles in North America. Its products include battery systems, chassis, bus bodies, and truck cabins. The company also distributes truck and bus parts, as well as accessories.
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