Lordstown Motors (NASDAQ:RIDE) Downgraded by Bank of America to “Underperform”

Bank of America downgraded shares of Lordstown Motors (NASDAQ:RIDE) from a neutral rating to an underperform rating in a research report sent to investors on Thursday, Analyst Ratings Network reports. Bank of America currently has $5.00 price objective on the stock, down from their prior price objective of $11.00.

Several other equities research analysts also recently issued reports on RIDE. Morgan Stanley cut their price objective on shares of Lordstown Motors from $12.00 to $8.00 and set an underweight rating for the company in a research report on Tuesday, May 25th. The Goldman Sachs Group dropped their price target on shares of Lordstown Motors from $10.00 to $8.00 and set a neutral rating for the company in a research report on Tuesday, May 25th. R. F. Lafferty downgraded shares of Lordstown Motors from a hold rating to a sell rating and dropped their price target for the company from $9.00 to $3.00 in a research report on Monday, June 14th. Zacks Investment Research downgraded shares of Lordstown Motors from a hold rating to a sell rating in a research report on Friday, May 28th. Finally, 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 for the company. Seven research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of Sell and an average price target of $13.22.

Shares of NASDAQ:RIDE opened at $6.73 on Thursday. Lordstown Motors has a 52-week low of $4.77 and a 52-week high of $31.80. The company has a market capitalization of $1.19 billion, a P/E ratio of -6.47 and a beta of 0.87. The company has a 50-day simple moving average of $6.61 and a 200 day simple moving average of $9.72.

Lordstown Motors (NASDAQ:RIDE) last issued its quarterly earnings data on Tuesday, August 10th. The company reported ($0.61) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.49) by ($0.12). Equities research analysts anticipate that Lordstown Motors will post -2.42 earnings per share for the current year.

Hedge funds and other institutional investors have recently bought and sold shares of the business. New York State Common Retirement Fund bought a new stake in shares of Lordstown Motors during the second quarter worth $1,062,000. BlackRock Inc. grew its stake in shares of Lordstown Motors by 9.8% during the first quarter. BlackRock Inc. now owns 1,803,724 shares of the company’s stock worth $21,229,000 after buying an additional 160,956 shares during the last quarter. Vontobel Holding Ltd. bought a new stake in shares of Lordstown Motors during the first quarter worth $1,591,000. Axiom Investment Management LLC bought a new stake in shares of Lordstown Motors during the first quarter worth $191,000. Finally, Formidable Asset Management LLC bought a new stake in shares of Lordstown Motors in the first quarter worth $2,578,000. 28.79% of the stock is currently owned by hedge funds and other institutional investors.

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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