Lordstown Motors Corp. (NASDAQ:RIDE) Receives $11.50 Average Target Price from Analysts

Lordstown Motors Corp. (NASDAQ:RIDE) has earned an average recommendation of “Sell” from the ten analysts that are covering the firm, Marketbeat.com reports. Seven investment analysts have rated the stock with a sell recommendation, two have given a hold recommendation and one has given a buy recommendation to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $11.50.

Several analysts have issued reports on RIDE shares. Royal Bank of Canada started coverage on shares of Lordstown Motors in a research report on Tuesday, June 8th. They issued an “underperform” rating and a $5.00 price target on the stock. Deutsche Bank Aktiengesellschaft initiated coverage on Lordstown Motors in a research note on Friday, May 28th. They issued a “hold” rating and a $8.00 price objective on the stock. Wolfe Research reiterated an “underperform” rating on shares of Lordstown Motors in a research note on Wednesday, May 26th. Bank of America cut shares of Lordstown Motors from a “neutral” rating to an “underperform” rating and cut their target price for the company from $11.00 to $5.00 in a research note on Thursday, September 16th. Finally, Zacks Investment Research lowered Lordstown Motors from a “hold” rating to a “sell” rating in a research note on Friday, May 28th.

Several institutional investors and hedge funds have recently modified their holdings of RIDE. Fifth Third Bancorp acquired a new position in Lordstown Motors in the first quarter valued at about $29,000. Toronto Dominion Bank bought a new position in Lordstown Motors in the second quarter valued at approximately $32,000. Ameritas Investment Company LLC bought a new position in Lordstown Motors in the first quarter valued at approximately $35,000. Macquarie Group Ltd. acquired a new stake in shares of Lordstown Motors in the 2nd quarter valued at about $58,000. Finally, Rockefeller Capital Management L.P. grew its stake in shares of Lordstown Motors by 366.6% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 6,728 shares of the company’s stock worth $74,000 after acquiring an additional 5,286 shares in the last quarter. 28.79% of the stock is currently owned by institutional investors and hedge funds.

Shares of NASDAQ RIDE traded up $0.59 during mid-day trading on Thursday, reaching $7.43. 9,121,566 shares of the company traded hands, compared to its average volume of 10,930,858. The company’s fifty day moving average is $6.47 and its two-hundred day moving average is $9.32. Lordstown Motors has a fifty-two week low of $4.77 and a fifty-two week high of $31.57. The stock has a market cap of $1.31 billion, a PE ratio of -7.11 and a beta of 0.87.

Lordstown Motors (NASDAQ:RIDE) last released its quarterly earnings results on Tuesday, August 10th. The company reported ($0.61) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.49) by ($0.12). As a group, sell-side analysts predict that Lordstown Motors will post -2.42 earnings per share for the current year.

Lordstown Motors Company Profile

Lordstown Motors Corp. operates as an original equipment manufacturer of light duty fleet vehicles. It develops, manufactures, and sells Endurance, an electric full-size pickup truck targeted for sale to fleet customers. Lordstown Motors Corp. was founded in 2019 and is based in Lordstown, Ohio.

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Analyst Recommendations for Lordstown Motors (NASDAQ:RIDE)

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