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Lordstown Motors Corp. (NASDAQ: RIDE): At Current Prices, Does It Make Sense To Wait?

Lordstown Motors Corp. (NASDAQ:RIDE)’s traded shares stood at 6.78 million during the last session, with the company’s beta value hitting 1.34. At the close of trading, the stock’s price was $0.74, to imply a decrease of -5.65% or -$0.05 in intraday trading. The RIDE share’s 52-week high remains $3.79, putting it -412.16% down since that peak but still an impressive -2.7% since price per share fell to its 52-week low of $0.76. The company has a valuation of $179.49M, with an average of 5.38 million shares in intraday trading volume over the past 10 days and average of 4.62 million shares over the past 3 months.

Analysts have given a consensus recommendation of an Underweight for Lordstown Motors Corp. (RIDE), translating to a mean rating of 3.70. Of 3 analyst(s) looking at the stock, 1 analyst(s) give RIDE a Sell rating. 0 of those analysts rate the stock as Overweight while 2 advise Hold as 0 recommend it as a Buy. 0 analyst(s) have given it an Underweight rating. Estimates put the company’s current-quarter earnings per share at -$0.27.

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Lordstown Motors Corp. (NASDAQ:RIDE) trade information

After registering a -5.65% downside in the last session, Lordstown Motors Corp. (RIDE) has traded red over the past five days. The stock hit a weekly high of 0.9200 this Wednesday, 03/15/23, dropping -5.65% in its intraday price action. The 5-day price performance for the stock is -18.16%, and -40.97% over 30 days. With these gigs, the year-to-date price performance is -34.75%. Short interest in Lordstown Motors Corp. (NASDAQ:RIDE) saw shorts transact 40.17 million shares and set a 6.62 days time to cover.

Analysts on Wall Street suggest a consensus price target of $0.88, implying an increase of 15.91% to the stock’s current value. The extremes give us $0.75 and $1.00 for target low and target high price respectively. As such, RIDE has been trading -35.14% off suggested target high and -1.35% from its likely low.

Lordstown Motors Corp. (RIDE) estimates and forecasts

Looking at statistics comparing Lordstown Motors Corp. share performance against respective industry, we note that the company has underperformed competitors. Lordstown Motors Corp. (RIDE) shares are -63.00% down over the last 6 months, with its year-to-date growth rate lower than industry average at -58.33% against 18.70%. Revenue is forecast to grow 35.70% this quarter before jumping 30.40% for the next one.

Revenue forecast for the current quarter as set by 2 analysts is $1.29 million. Meanwhile, for the quarter ending Mar 2023, a total of 1 analyst(s) estimate revenue growth to $9.52 million.

RIDE Dividends

Lordstown Motors Corp. has its next earnings report out between May 08 and May 12. However, it is important to take into account that this dividend yield ratio is just an indicator to only serve the purpose of guidance. Investors interested to invest in the stock should ponder company’s other fundamental and operations related aspects too. Lordstown Motors Corp. has a forward dividend ratio of 0, with the share yield ticking at 0.00% to continue the rising pattern observed over the past year. The company’s average dividend yield trailing the past 5-year period is 0.00%.

Lordstown Motors Corp. (NASDAQ:RIDE)’s Major holders

Lordstown Motors Corp. insiders hold 15.15% of total outstanding shares, with institutional holders owning 27.99% of the shares at 32.99% float percentage. In total, 27.99% institutions holds shares in the company, led by Blackrock Inc. As of Sep 29, 2022, the company held over 11.35 million shares (or 5.23% of shares), all amounting to roughly $20.77 million.

The next major institution holding the largest number of shares is Invesco Ltd. with 9.35 million shares, or about 4.31% of shares outstanding. As of the market price on Sep 29, 2022, these shares were worth $17.11 million.

We also have Invesco ETF Tr-Invesco Wilderhill Clean Energy ETF and Vanguard Total Stock Market Index Fund as the top two Mutual Funds with the largest holdings of the Lordstown Motors Corp. (RIDE) shares. Going by data provided on Dec 30, 2022, Invesco ETF Tr-Invesco Wilderhill Clean Energy ETF holds roughly 8.98 million shares. This is just over 4.14% of the total shares, with a market valuation of $10.23 million. Data from the same date shows that the other fund manager holds a little less at 4.78 million, or 2.20% of the shares, all valued at about 8.74 million.

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