Royal Bank of Canada initiated coverage on shares of Lordstown Motors (NASDAQ:RIDE) in a research note released on Tuesday, Analyst Price Targets reports. The brokerage issued an underperform rating and a $5.00 target price on the stock.
RIDE has been the topic of several other reports. Bank of America started coverage on shares of Lordstown Motors in a research report on Tuesday, April 20th. They set a neutral rating and a $13.00 target price on the stock. Morgan Stanley lowered their target price on shares of Lordstown Motors from $12.00 to $8.00 and set an underweight rating on the stock in a research report on Tuesday, May 25th. Wolfe Research restated an underperform rating on shares of Lordstown Motors in a research report on Wednesday, May 26th. Zacks Investment Research lowered shares of Lordstown Motors from a hold rating to a sell rating in a research report on Friday, May 28th. Finally, BTIG Research lowered their price target on shares of Lordstown Motors from $50.00 to $40.00 and set a buy rating on the stock in a research report on Thursday, March 18th. Five investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $14.78.
NASDAQ RIDE opened at $10.60 on Tuesday. The stock has a market capitalization of $1.87 billion, a PE ratio of -10.19 and a beta of 0.90. Lordstown Motors has a 52-week low of $6.69 and a 52-week high of $31.80. The business’s 50-day moving average price is $10.08.
A number of large investors have recently bought and sold shares of RIDE. Creative Planning purchased a new position in Lordstown Motors during the fourth quarter worth approximately $425,000. California Public Employees Retirement System purchased a new position in shares of Lordstown Motors in the 4th quarter valued at $4,053,000. Ellsworth Advisors LLC purchased a new position in shares of Lordstown Motors in the 4th quarter valued at $1,123,000. Cutter & CO Brokerage Inc. purchased a new position in shares of Lordstown Motors in the 4th quarter valued at $1,415,000. Finally, Cambridge Investment Research Advisors Inc. purchased a new position in shares of Lordstown Motors in the 4th quarter valued at $694,000. 20.39% of the stock is currently owned by institutional investors.
About Lordstown Motors
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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