Lordstown Motors (NASDAQ:RIDE) Announces Earnings Results, Misses Estimates By $0.01 EPS

Lordstown Motors (NASDAQ:RIDE – Get Rating) announced its earnings results on Monday. The company reported ($0.46) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.45) by ($0.01), MarketWatch Earnings reports. During the same period in the prior year, the company posted ($0.72) earnings per share.

Shares of RIDE opened at $1.79 on Tuesday. The business has a 50-day moving average of $2.59 and a 200-day moving average of $3.47. The company has a market capitalization of $351.70 million, a price-to-earnings ratio of -0.78 and a beta of 0.87. Lordstown Motors has a 1 year low of $1.55 and a 1 year high of $15.80.

In other Lordstown Motors news, major shareholder Stephen S. Burns sold 5,285,000 shares of the firm’s stock in a transaction on Monday, February 28th. The shares were sold at an average price of $2.56, for a total value of $13,529,600.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 value of $6,100,000.00. The disclosure for this sale can be found here. Corporate insiders own 3.16% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Morgan Stanley boosted its holdings in Lordstown Motors by 3.8% during the 2nd quarter. Morgan Stanley now owns 186,487 shares of the company’s stock worth $2,062,000 after acquiring an additional 6,756 shares during the last quarter. Royal Bank of Canada boosted its holdings in Lordstown Motors by 113.7% during the third quarter. Royal Bank of Canada now owns 31,701 shares of the company’s stock worth $254,000 after purchasing an additional 262,924 shares during the last quarter. Cubist Systematic Strategies LLC bought a new stake in Lordstown Motors in the 3rd quarter worth about $40,000. Bank of New York Mellon Corp increased its stake in Lordstown Motors by 0.6% in the 3rd 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 last quarter. Finally, Bank of America Corp DE lifted its position in shares of Lordstown Motors by 99.1% during the 4th quarter. Bank of America Corp DE now owns 285,394 shares of the company’s stock worth $984,000 after buying an additional 142,018 shares in the last quarter. 45.45% of the stock is owned by institutional investors and hedge funds.

RIDE has been the topic of a number of analyst reports. Zacks Investment Research downgraded Lordstown Motors from a “buy” rating to a “hold” rating in a research report on Saturday, March 5th. Royal Bank of Canada cut their price objective on shares of Lordstown Motors from $2.50 to $1.50 and set an “underperform” rating for the company in a research report on Tuesday, March 1st. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Lordstown Motors from $3.00 to $2.00 in a report on Tuesday. R. F. Lafferty cut their target price on Lordstown Motors from $7.00 to $4.00 and set a “hold” rating for the company in a research note on Tuesday, March 1st. Finally, The Goldman Sachs Group decreased their price target on Lordstown Motors from $2.50 to $2.00 and set a “sell” rating on the stock in a research note on Tuesday, March 1st. Five investment analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Sell” and an average target price of $3.66.

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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