S&P 500   3,901.36
DOW   31,261.90
QQQ   288.68
S&P 500   3,901.36
DOW   31,261.90
QQQ   288.68
S&P 500   3,901.36
DOW   31,261.90
QQQ   288.68
S&P 500   3,901.36
DOW   31,261.90
QQQ   288.68

Lordstown Motors (NASDAQ:RIDE) Downgraded by Zacks Investment Research

Last updated on Saturday, May 14, 2022 | 2022 MarketBeat

Lordstown Motors (NASDAQ:RIDE - Get Rating) was downgraded by Zacks Investment Research from a "hold" rating to a "sell" rating in a research report issued to clients and investors on Saturday, Zacks.com reports.

According to Zacks, "Lordstown Motors Corp. is an original equipment manufacturer of light duty fleet vehicles. Lordstown Motors Corp., formerly known as DiamondPeak Holdings Corp., is based in LORDSTOWN, Ohio. "

A number of other brokerages have also recently commented on RIDE. The Goldman Sachs Group cut their price target on shares of Lordstown Motors from $2.50 to $2.00 and set a "sell" rating for the company in a research note on Tuesday, March 1st. Deutsche Bank Aktiengesellschaft cut their target price on shares of Lordstown Motors from $3.00 to $2.00 in a research note on Tuesday. Royal Bank of Canada cut their target price on shares of Lordstown Motors from $2.50 to $1.50 and set an "underperform" rating for the company in a research note on Tuesday, March 1st. Finally, R. F. Lafferty cut shares of Lordstown Motors from a "hold" rating to a "sell" rating in a research note on Tuesday. Seven investment analysts have rated the stock with a sell rating and two have assigned a hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Sell" and an average target price of $3.66.


Shares of RIDE opened at $2.45 on Friday. The stock has a market cap of $481.38 million, a price-to-earnings ratio of -1.21 and a beta of 0.87. Lordstown Motors has a 12 month low of $1.50 and a 12 month high of $15.80. The company has a 50-day moving average price of $2.56 and a two-hundred day moving average price of $3.40.

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

In other news, major shareholder Stephen S. Burns sold 5,285,000 shares of the business's stock in a transaction on Monday, February 28th. The shares were sold at an average price of $2.56, for a total value of $13,529,600.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Stephen S. Burns sold 2,500,000 shares of the business's stock in a transaction on Wednesday, March 2nd. The shares were sold at an average price of $2.44, for a total transaction of $6,100,000.00. The disclosure for this sale can be found here. Insiders own 3.16% of the company's stock.

Several hedge funds have recently made changes to their positions in the company. Nisa Investment Advisors LLC boosted its stake in Lordstown Motors by 133.4% in the 1st quarter. Nisa Investment Advisors LLC now owns 8,170 shares of the company's stock worth $28,000 after purchasing an additional 4,670 shares during the period. Janney Montgomery Scott LLC bought a new stake in Lordstown Motors during the 4th quarter worth about $35,000. Buckingham Strategic Wealth LLC bought a new stake in Lordstown Motors during the 4th quarter worth about $35,000. IHT Wealth Management LLC bought a new stake in Lordstown Motors during the 4th quarter worth about $35,000. Finally, Cubist Systematic Strategies LLC bought a new stake in Lordstown Motors during the 3rd quarter worth about $40,000. 45.45% of the stock is owned by 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.

See Also

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Analyst Recommendations for Lordstown Motors (NASDAQ:RIDE)

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