Lordstown Motors Corp. (NASDAQ:RIDE)’s stock price was up 7% during mid-day trading on Tuesday . The company traded as high as $12.39 and last traded at $12.38. Approximately 196,827 shares changed hands during trading, a decline of 98% from the average daily volume of 10,259,349 shares. The stock had previously closed at $11.57.
A number of research analysts recently issued reports on RIDE shares. The Goldman Sachs Group started coverage on Lordstown Motors in a research note on Friday, December 11th. They set a “buy” rating and a $31.00 price objective for the company. R. F. Lafferty started coverage on Lordstown Motors in a research note on Tuesday, December 22nd. They set a “buy” rating and a $35.00 price objective for the company. Wolfe Research upgraded Lordstown Motors from an “underperform” rating to a “peer perform” rating and boosted their price objective for the company from $14.00 to $27.00 in a research note on Friday, January 29th. Morgan Stanley cut their price objective on Lordstown Motors from $18.00 to $12.00 and set an “underweight” rating for the company in a research note on Wednesday, March 24th. Finally, BTIG Research cut their price objective on Lordstown Motors from $50.00 to $40.00 and set a “buy” rating for the company in a research note on Thursday, March 18th. Two analysts have rated the stock with a sell rating and three have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $26.67.
The business has a fifty day moving average of $16.44.
In related news, VP Chuan D. Vo sold 100,000 shares of the stock in a transaction on Tuesday, February 2nd. The stock was sold at an average price of $25.21, for a total transaction of $2,521,000.00. Following the sale, the vice president now owns 717 shares in the company, valued at approximately $18,075.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Julio C. Rodriguez sold 9,300 shares of the stock in a transaction on Thursday, February 4th. The shares were sold at an average price of $27.00, for a total value of $251,100.00. Following the sale, the chief financial officer now owns 34,080 shares in the company, valued at approximately $920,160. The disclosure for this sale can be found here. Insiders have sold a total of 349,820 shares of company stock worth $8,848,815 over the last ninety days.
A number of large investors have recently added to or reduced their stakes in the stock. DekaBank Deutsche Girozentrale purchased a new stake in Lordstown Motors during the 4th quarter valued at $2,988,000. Norges Bank bought a new position in Lordstown Motors in the 4th quarter valued at $21,409,000. UBS Oconnor LLC bought a new position in Lordstown Motors in the 4th quarter valued at $24,574,000. Verition Fund Management LLC bought a new position in Lordstown Motors in the 4th quarter valued at $203,000. Finally, Strategic Wealth Management Inc. bought a new position in Lordstown Motors in the 4th quarter valued at $58,000. Institutional investors own 12.59% of the company’s stock.
About Lordstown Motors (NASDAQ:RIDE)
Lordstown Motors Corp., an automotive company, develops, manufactures, and sells light duty electric trucks targeted for sale to fleet customers. It primarily develops Endurance, an electric full-size pickup truck. Lordstown Motors Corp. was founded in 2019 and is based in Lordstown, Ohio.
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