Lion Electric (NYSE:LEV) Price Target Cut to $8.00 by Analysts at Canaccord Genuity Group

Lion Electric (NYSE:LEVGet Rating) had its price objective dropped by Canaccord Genuity Group from $12.00 to $8.00 in a research note issued to investors on Thursday, The Fly reports. Canaccord Genuity Group’s price objective suggests a potential upside of 35.36% from the company’s previous close.

Several other equities research analysts also recently issued reports on LEV. BMO Capital Markets downgraded shares of Lion Electric from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $22.00 to $7.00 in a research note on Thursday, February 24th. National Bank Financial dropped their price target on shares of Lion Electric from $14.00 to $13.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 2nd. Zacks Investment Research raised shares of Lion Electric from a “strong sell” rating to a “hold” rating and set a $7.00 price target on the stock in a research note on Tuesday. Raymond James dropped their price target on shares of Lion Electric from $17.00 to $11.00 and set a “market perform” rating on the stock in a research note on Monday, February 28th. Finally, Canaccord Genuity Group began coverage on shares of Lion Electric in a research note on Tuesday, March 8th. They set a “buy” rating and a $12.00 price target on the stock. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $13.92.

Shares of LEV stock opened at $5.91 on Thursday. The company’s fifty day simple moving average is $7.58 and its 200-day simple moving average is $9.25. Lion Electric has a 52 week low of $5.82 and a 52 week high of $23.45.

Lion Electric (NYSE:LEVGet Rating) last issued its earnings results on Thursday, February 24th. The company reported ($0.04) EPS for the quarter. Lion Electric had a negative net margin of 33.87% and a negative return on equity of 10.19%. The business had revenue of $22.87 million during the quarter. On average, equities analysts expect that Lion Electric will post -0.23 earnings per share for the current year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE acquired a new position in shares of Lion Electric in the 2nd quarter valued at about $449,000. Wells Fargo & Company MN acquired a new position in shares of Lion Electric in the 2nd quarter valued at about $110,000. Commonwealth Equity Services LLC boosted its holdings in shares of Lion Electric by 52.6% in the 3rd quarter. Commonwealth Equity Services LLC now owns 21,854 shares of the company’s stock valued at $275,000 after buying an additional 7,535 shares during the period. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Lion Electric in the 3rd quarter valued at about $137,000. Finally, Mackenzie Financial Corp acquired a new position in shares of Lion Electric in the 3rd quarter valued at about $176,000.

Lion Electric Company Profile (Get Rating)

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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