Short Interest in The Lion Electric Company (NYSE:LEV) Rises By 5.9%

The Lion Electric Company (NYSE:LEV) saw a large increase in short interest in the month of June. As of June 30th, there was short interest totalling 5,000,000 shares, an increase of 5.9% from the June 15th total of 4,720,000 shares. Based on an average daily volume of 498,300 shares, the days-to-cover ratio is currently 10.0 days. Currently, 4.3% of the shares of the stock are sold short.

Institutional Trading of Lion Electric

Several hedge funds and other institutional investors have recently modified their holdings of LEV. Victory Capital Management Inc. acquired a new stake in Lion Electric during the fourth quarter valued at $28,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Lion Electric by 75.3% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,599 shares of the company’s stock valued at $52,000 after purchasing an additional 12,712 shares during the last quarter. Atria Wealth Solutions Inc. boosted its position in Lion Electric by 20.1% during the fourth quarter. Atria Wealth Solutions Inc. now owns 103,310 shares of the company’s stock valued at $183,000 after purchasing an additional 17,285 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its position in Lion Electric by 14.3% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 239,839 shares of the company’s stock valued at $341,000 after purchasing an additional 30,050 shares during the last quarter. Institutional investors and hedge funds own 52.73% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on LEV. CIBC lowered their price target on Lion Electric from $1.70 to $1.40 and set a “neutral” rating on the stock in a research report on Monday, April 22nd. Roth Mkm lowered their price target on Lion Electric from $2.50 to $2.00 and set a “buy” rating on the stock in a research report on Thursday, May 9th. B. Riley upgraded Lion Electric to a “strong-buy” rating in a research report on Tuesday, June 25th. BMO Capital Markets decreased their target price on Lion Electric from $2.00 to $1.00 and set a “market perform” rating on the stock in a report on Thursday, May 9th. Finally, National Bank Financial cut Lion Electric from a “sec perform spec market wgt” rating to an “underperform spec market wgt” rating in a report on Wednesday, May 8th. Five equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $1.74.

Lion Electric Stock Performance

Shares of Lion Electric stock opened at $0.99 on Wednesday. The stock has a market cap of $222.79 million, a PE ratio of -2.01 and a beta of 2.14. The business has a fifty day simple moving average of $0.99 and a 200-day simple moving average of $1.30. The company has a quick ratio of 0.73, a current ratio of 2.65 and a debt-to-equity ratio of 0.74. Lion Electric has a 12 month low of $0.84 and a 12 month high of $2.68.

Lion Electric (NYSE:LEV) last issued its earnings results on Wednesday, May 8th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.05. The business had revenue of $55.48 million during the quarter, compared to analysts’ expectations of $71.82 million. Lion Electric had a negative return on equity of 18.99% and a negative net margin of 43.21%. On average, sell-side analysts anticipate that Lion Electric will post -0.31 EPS for the current fiscal year.

Lion Electric Company Profile

The Lion Electric Company designs, develops, manufactures, and distributes purpose-built all-electric medium and heavy-duty urban vehicles in North America. The company's products include battery systems, chassis, bus bodies, and truck cabins. It distributes truck and bus parts, as well as accessories.