The stock price of Lordstown Motors Corp (NASDAQ: RIDE) fell by 3.94% yesterday. One of the reasons why the stock price fell is because the company confirmed that the Justice Department is investigating its operations, including the SPAC deal taking the company public and the way it reports vehicle pre-orders.
Full Answer
Is Ride stock a good buy?
Out of 7 analysts, 0 (0%) are recommending RIDE as a Strong Buy, 0 (0%) are recommending RIDE as a Buy, 1 (14.29%) are recommending RIDE as a Hold, 2 (28.57%) are recommending RIDE as a Sell, and 4 (57.14%) are recommending RIDE as a Strong Sell. What is RIDE's earnings growth forecast for 2022-2024?
Will Lordstown Motors be successful?
The market currently values Lordstown Motors at a consensus forward FY 2024 Enterprise Value-to-Revenue multiple of just 0.54 times. But there is no certainty that RIDE will be able to meet its 2022 and 2023 production and sales guidance in the first place.
Is Ride stock shorted?
Short Shares Availability This table shows the number of shares of US:RIDE available to be shorted at a leading prime brokerage.
What is the target price for ride stock?
Stock Price Target RIDEHigh$2.00Median$1.50Low$1.00Average$1.50Current Price$1.99
Can Lordstown stock recover?
LORDSTOWN, Ohio – Shares of Lordstown Motors Corp. recovered slightly from its dismal slide during the final week of 2021, bouncing 7.8% during the first trading day of the New Year.
Why is Lordstown Motors stock falling?
Production Plans Aren't Good Enough. The electric vehicle start-up Lordstown Motors disclosed its earnings, showing it spent less than expected in the fourth quarter, but the stock is dropping anyway.
What is the short interest on ride stock?
The short interest ratio, also known as the "days to cover ratio", is calculated by dividing the number of shares of a stock sold short divided by its average trading volume. A short interest ratio ranging between 1 and 4 generally indicates strong positive sentiment about a stock and a lack of short sellers.
What is short interest in Lordstown Motors?
According to Benzinga Pro, Lordstown Motors's peer group average for short interest as a percentage of float is 12.77%, which means the company has more short interest than most of its peers.
What is a short interest share?
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. Short interest, which can be expressed as a number or percentage, is an indicator of market sentiment.
Will RIDE stock ever go up?
Lordstown Motors Corp (NASDAQ:RIDE) The 4 analysts offering 12-month price forecasts for Lordstown Motors Corp have a median target of 1.75, with a high estimate of 2.00 and a low estimate of 1.00. The median estimate represents a +0.57% increase from the last price of 1.74.
Who bought Lordstown plant?
FoxconnIn the fourth quarter, Lordstown announced a deal with iPhone maker Foxconn to purchase the plant for $230 million. The deal includes Foxconn, which is formally known as Hon Hai Technology Group, handling production of the Endurance pickup truck. The deal is still being finalized, Lordstown executives said Monday.
Is Lordstown Motors still in business?
LORDSTOWN, Ohio — Lordstown Motors announced that is has closed on a deal with Foxconn to sell its former GM plant to the Taiwanese manufacturer. Foxconn will now manufacturer Lordstown's Endurance pickup truck and take on hundreds of the automaker's employees.
What is the Vickers top buyer and seller report?
Daily – Vickers Top Buyers & Sellers for 02/05/2021 The Vickers Top Buyers & Sellers is a daily report that identifies the five companies the largest insider purchase transactions based on the dollar value of the transactions as well as the five companies the largest insider sales transactions based on the dollar value of the transactions.
What happened to Lordstown Motors?
In March, shares of the company slumped after investment research firm Hindenburg Research said Lordstown had misled consumers and investors about pre-orders worth $1.4 billion for its Endurance truck.
When will Lordstown release its results?
(Nasdaq: RIDE), (“Lordstown Motors”), a leader in electric light duty trucks focused on the commercial fleet market, today announced that it will release its second quarter 2021 financial results after market close on August 11, 2021.
What is fair value in accounting?
Fair Value is the appropriate price for the shares of a company, based on its earnings and growth rate also interpreted as when P/E Ratio = Growth Rate. Estimated return represents the projected annual return you might expect after purchasing shares in the company and holding them over the default time horizon of 5 years, based on the EPS growth rate that we have projected.
Who bought Lordstown Motors?
Hon Hai Technology Group, the Taiwanese company that has agreed to buy Lordstown Motors' plant near Youngstown, Ohio, introduced its own first electric vehicle models on Monday.
EV Stock No. 1: Lordstown Motors
Investors in RIDE stock have seen a sharp drop today of more than 12% at the time of writing. This appears to be mainly due to the company’s disclosure yesterday that the SEC is probing the company for misleading investors.
EV Stock No. 2: Workhorse Group
Today’s drop of more than 7% at the time of writing in WKHS stock appears to be more simplistic. Workhorse has a 10% stake in Lordstown, meaning these stocks tend to trade in sync, for better or worse.
EV Stock No. 3: Nikola
Investors in NKLA stock have seen a 9% drop today on an interesting report that an early investor was selling its stake. The hydrogen fuel cell EV company has also been under pressure as earlier this week, the company reportedly in a regulatory filing it’s looking at pursuing an additional equity raise.
Sizing Up the EV Market
I’m not really sure what triggered the craze in EV stocks and SPACs. Perhaps it was all of the stimulus money pouring into the market looking for a new home. Maybe it was bored, new investors looking to make a quick buck.
Trading RIDE Stock
I want to reiterate that I don’t have any personal vendetta with RIDE stock. I simply find it too speculative as an investment. Some of the company’s diehard bulls may take issue with calling it speculative, but that’s the truth.
The Bottom Line
All of these developments are positive. In order for that to remain the case, we need to see RIDE stock continue its push higher.
Where is Ride stock located?
After its founding, Lordstown bought an old GM plant in Lordstown, Ohio, in November 2019.
Does Lordstown have its own battery?
But Lordstown has engineered its own battery and is building its own battery production line, he added.
Who is the CEO of Lordstown?
The short seller had earlier targeted Nikola ( NKLA) and China's Kandi ( KNDI ). Lordstown CEO Steve Burns said last week that the short-seller report held half-truths and lies. On Wednesday, he disclosed the SEC inquiry over the short-seller report, and said the company is reviewing the claims.
