Lightning eMotors (NYSE:ZEV) Announces Quarterly Earnings Results, Beats Expectations By $0.10 EPS

Lightning eMotors (NYSE:ZEVGet Rating) issued its earnings results on Friday. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.24) by $0.10, MarketWatch Earnings reports. Lightning eMotors updated its Q2 2022 guidance to EPS.

Lightning eMotors stock traded up $0.31 during trading hours on Friday, hitting $3.82. The company had a trading volume of 703,639 shares, compared to its average volume of 581,716. The firm has a market cap of $287.07 million, a PE ratio of -2.89 and a beta of 0.81. The company has a debt-to-equity ratio of 2.53, a current ratio of 13.83 and a quick ratio of 12.82. Lightning eMotors has a one year low of $2.93 and a one year high of $12.13. The firm has a 50-day moving average of $4.89 and a 200 day moving average of $5.82.

Institutional investors and hedge funds have recently made changes to their positions in the company. State Street Corp increased its holdings in shares of Lightning eMotors by 691.6% during the fourth quarter. State Street Corp now owns 704,489 shares of the company’s stock worth $4,234,000 after purchasing an additional 615,489 shares during the period. BlackRock Inc. increased its holdings in shares of Lightning eMotors by 1.2% during the fourth quarter. BlackRock Inc. now owns 533,831 shares of the company’s stock worth $3,208,000 after purchasing an additional 6,201 shares during the period. Toroso Investments LLC bought a new position in shares of Lightning eMotors during the fourth quarter worth approximately $950,000. Cubist Systematic Strategies LLC increased its holdings in shares of Lightning eMotors by 923.2% during the fourth quarter. Cubist Systematic Strategies LLC now owns 118,465 shares of the company’s stock worth $712,000 after purchasing an additional 106,887 shares during the period. Finally, Morgan Stanley increased its holdings in shares of Lightning eMotors by 17.8% during the third quarter. Morgan Stanley now owns 66,164 shares of the company’s stock worth $566,000 after purchasing an additional 9,982 shares during the period. 13.00% of the stock is currently owned by institutional investors.

Several equities research analysts recently issued reports on the stock. Benchmark cut their target price on shares of Lightning eMotors from $14.00 to $9.00 and set a “buy” rating for the company in a research note on Monday, March 14th. Zacks Investment Research raised shares of Lightning eMotors from a “sell” rating to a “hold” rating in a report on Tuesday, April 26th. Finally, DA Davidson lowered their price target on shares of Lightning eMotors from $17.00 to $13.00 and set a “buy” rating on the stock in a report on Tuesday, March 29th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $12.33.

About Lightning eMotors (Get Rating)

Lightning eMotors, Inc designs, manufactures, and sells zero-emission commercial fleet vehicles and powertrains to commercial fleets, large enterprises, original equipment manufacturers, and governments in the United States. It offers zero-emission class 3 to 7 battery electric and fuel cell electric vehicles.

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