In today’s recent session, 2.3 million shares of the Lordstown Motors Corp. (NASDAQ:RIDE) were traded. Most recently the company’s share price was $6.79, and it changed around -$0.27 or -3.86% from the last close, which brings the market valuation of the company to $1.19B. RIDE at last check was trading at a discount to its 52-week high of $31.80, offering almost -368.34% off that amount. The share price’s 52-week low was $4.77, which indicates that the recent value has risen by an impressive 29.75% since then. We note from Lordstown Motors Corp.’s average daily trading volume that its 10-day average is 8.02 million shares, with the 3-month average coming to 10.52 million.
Lordstown Motors Corp. stock received a consensus recommendation rating of an Underweight, based on a mean score of 3.30. If we narrow it down even further, the data shows that 3 out of 7 analysts rate the stock as a Sell; another 0 rate it as Overweight. Among the rest, 2 recommended RIDE as a Hold, whereas 1 deemed it a Buy, and 1 rated it as Underweight. Lordstown Motors Corp. is expected to report earnings per share of -$0.51 for the current quarter.
Lordstown Motors Corp. (NASDAQ:RIDE) trade information
Instantly RIDE has been showing red trend so far today with a performance of -3.86% on intraday trading today. The performance over the last five days has remained in the green territory. The rise to weekly highs of 7.23 on Friday, 09/17/21 increased the stock’s daily price by 6.09%. The company’s shares are currently down -64.81% year-to-date, but still up 14.24% over the last five days. On the other hand, Lordstown Motors Corp. (NASDAQ:RIDE) is 33.97% up in the 30-day period. We can see from the shorts that 35.1 million shares have been sold at a short interest cover period of 3.81 day(s).
The consensus price target as assigned by Wall Street analysts is $6.00, which translates to bulls needing to decrease their stock price by -13.17% from its current value. Analyst projections state that RIDE is forecast to be at a low of $1.00 and a high of $20.00. In order for the stock price to hit the forecast high, the stock would need to plunge -194.55% from its current level, while the stock would need to crash 85.27% from its current level to reach the projected low.
Lordstown Motors Corp. (RIDE) estimates and forecasts
Lordstown Motors Corp. share prices are performing particularly well not compared to other companies within the same industry. As is evident from the statistics, the company’s shares have fallen -46.92 percent over the past six months and at a -142.31% annual growth rate that is well below the industry average of 30.00%. Moreover, analysts have decided to roll up on their fiscal year 2021 revenue estimates. The rating firms predict that it will loss -37.80% in revenue this quarter, and will report a decrease of -204.30% in the next quarter.
3 analysts expect Lordstown Motors Corp. to make $45.67 million in revenue for the quarter ending Dec 2021.
Lordstown Motors Corp.’s next quarterly earnings report is expected to be released around August 11 and August 16.
Lordstown Motors Corp. (NASDAQ:RIDE)’s Major holders
Upon looking at major shareholders, it appears that insiders hold 36.99% of Lordstown Motors Corp. shares, and 30.02% of them are in the hands of institutional investors. The stock currently has a share float of 47.65%. Lordstown Motors Corp. stock is held by 194 institutions, with Vanguard Group, Inc. (The) being the largest institutional investor. By Jun 29, 2021, it held 5.69% of the shares, which is about 10.07 million shares worth $111.42 million.
Blackrock Inc., with 4.68% or 8.29 million shares worth $91.69 million as of Jun 29, 2021, holds the second largest percentage of outstanding shares.
Invesco ETF Tr-Invesco Wilderhill Clean Energy ETF and Vanguard Small-Cap Index Fund were the top two Mutual Funds as of Jun 29, 2021. The former held 3.29 million shares worth $36.36 million, making up 1.86% of all outstanding shares. On the other hand, Vanguard Small-Cap Index Fund held roughly 2.85 million shares worth around $31.55 million, which represents about 1.61% of the total shares outstanding.