Lordstown Motors (NASDAQ:RIDE) Price Target Cut to $2.00

Lordstown Motors (NASDAQ:RIDEGet Rating) had its price target cut by analysts at Deutsche Bank Aktiengesellschaft from $3.00 to $2.00 in a research note issued to investors on Tuesday, The Fly reports. Deutsche Bank Aktiengesellschaft’s price objective would indicate a potential upside of 11.73% from the company’s previous close.

A number of other research analysts also recently issued reports on RIDE. R. F. Lafferty cut their target price on shares of Lordstown Motors from $7.00 to $4.00 and set a “hold” rating on the stock in a research report on Tuesday, March 1st. Zacks Investment Research downgraded shares of 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 target on shares of Lordstown Motors from $2.50 to $1.50 and set an “underperform” rating on the stock in a research report on Tuesday, March 1st. Finally, The Goldman Sachs Group cut their price target on shares of Lordstown Motors from $2.50 to $2.00 and set a “sell” rating on the stock in a research report 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. According to MarketBeat.com, Lordstown Motors presently has a consensus rating of “Sell” and an average price target of $3.66.

Lordstown Motors stock opened at $1.79 on Tuesday. Lordstown Motors has a 1 year low of $1.55 and a 1 year high of $15.80. The company has a market cap of $351.70 million, a PE ratio of -0.78 and a beta of 0.87. The company’s 50-day moving average is $2.59 and its two-hundred day moving average is $3.47.

Lordstown Motors (NASDAQ:RIDEGet Rating) last released its earnings results on Monday, May 9th. The company reported ($0.46) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.45) by ($0.01). During the same quarter in the prior year, the business posted ($0.72) EPS. On average, research analysts expect that Lordstown Motors will post -1.6 earnings per share for the current fiscal year.

In related news, major shareholder Stephen S. Burns sold 2,500,000 shares of the company’s stock in a transaction 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Stephen S. Burns sold 5,285,000 shares of the company’s stock in a transaction on Monday, February 28th. The stock was sold at an average price of $2.56, for a total transaction of $13,529,600.00. The disclosure for this sale can be found here. Insiders own 3.16% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. boosted its stake in Lordstown Motors by 27.7% in the 4th quarter. BlackRock Inc. now owns 9,562,205 shares of the company’s stock worth $32,989,000 after purchasing an additional 2,076,328 shares during the period. Invesco Ltd. boosted its stake in shares of Lordstown Motors by 35.4% during the 4th quarter. Invesco Ltd. now owns 5,897,749 shares of the company’s stock worth $20,348,000 after buying an additional 1,543,310 shares during the last quarter. State Street Corp boosted its stake in shares of Lordstown Motors by 38.5% during the 4th quarter. State Street Corp now owns 3,670,344 shares of the company’s stock worth $12,663,000 after buying an additional 1,020,257 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Lordstown Motors by 30.8% during the 4th quarter. Geode Capital Management LLC now owns 2,342,485 shares of the company’s stock worth $8,081,000 after buying an additional 551,882 shares during the last quarter. Finally, SG Americas Securities LLC boosted its stake in shares of Lordstown Motors by 641.6% during the 1st quarter. SG Americas Securities LLC now owns 1,564,583 shares of the company’s stock worth $5,335,000 after buying an additional 1,353,613 shares during the last quarter. 45.45% of the stock is owned by hedge funds and other institutional investors.

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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