Sunday, June 26, 2022

Insider Selling: Ritson-Parsons Jane, Lordstown Motors Corp. [RIDE] EVP, CHIEF COMMERCIAL OFFICER divested 36,193 shares

Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Lordstown Motors Corp. shares valued at $58,271 were sold by Ritson-Parsons Jane on Jun 13. At $1.61 per share, Ritson-Parsons Jane sold 36,193 shares. The insider’s holdings dropped to 80,474 shares worth approximately $0.13 million following the completion of this transaction.

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Also, NINIVAGGI DANIEL A purchased 15,400 shares, netting a total of over 37,350 in proceeds. Following the buying of shares at $2.43 each, the insider now holds 20,000 shares.

Before that, NINIVAGGI DANIEL A had added 4,600 shares to its account. In a trade valued at $11,240, the CHIEF EXECUTIVE OFFICER bought Lordstown Motors Corp. shares for $2.44 each. Upon closing the transaction, the insider’s holdings increased to 4,600 shares, worth approximately $7682.0.

As published in a research note from R. F. Lafferty on May 10, 2022, Lordstown Motors Corp. [RIDE] has been rated down from a Hold to a Sell and the price target has been revised to $1 from $4. This represents a -67.0% premium over Wednesday’s closing price. Analysts at R. F. Lafferty upgraded the stock from ‘”a Sell”‘ to ‘”a Hold”‘ outlook in a report released in mid November. As of November 12, 2021, BTIG Research has decreased its “Buy” rating to a “Neutral” for RIDE. Earlier on October 05, 2021, Morgan Stanley downgraded its rating. Their new recommendation was “an Underweight” for RIDE stock which previously was a “an Equal-weight”.

Analyzing RIDE’s Price Performance

On Wednesday, Lordstown Motors Corp. [NASDAQ: RIDE] rose 1.83% to $1.67. The stock’s lowest price that day was $1.60, but it reached a high of $1.75 in the same session. During the last five days, there has been a surge of approximately 2.45%. Over the course of the year, Lordstown Motors Corp. shares have dropped approximately -51.59%. Shares of the company reached a 52-week high of $3.8400 on 01/03/22 and a 52-week low of $1.4850 on 06/16/22. A 50-day SMA is recorded $2.0612, while a 200-day SMA reached $3.6778. Nevertheless, trading volume fell to 3.69 million shares from 5.07 million shares the previous day.

Support And Resistance Levels for Lordstown Motors Corp. (RIDE)

According to the 24-hour chart, there is a support level at 1.5967, which, if violated, would cause prices to drop to 1.5233. In the upper region, resistance lies at 1.7467. The next price resistance is at 1.8233. RSI (Relative Strength Index) is 41.53 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.0831, which suggests the price will decrease in the coming days. Percent R is at 69.42%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.

Which companies own the most shares of Lordstown Motors Corp. (RIDE)?

According to The Vanguard Group, Inc. filings, the company currently owns 8,916,324 shares, which is about 4.52% of the total RIDE shares outstanding. The investor’s shares have plunged by -2,136,095 from its previous 13-F filing of 11052419.0 shares. With the completion of the buy, BlackRock Fund Advisors’s stake is now worth $18,433,905. Invesco Capital Management LLC acquire a 21.70% interest valued at $14.83 million while Burleson & Co. LLC purchased a 1,251,608 stake. A total of 44,059 shares of Lordstown Motors Corp. were bought by SSgA Funds Management, Inc. during the quarter, and -127,273 were sold by Susquehanna Financial Group LLLP. In its current portfolio, Geode Capital Management LLC holds 2,199,914 shares valued at $4.55 million.

On October 01, 2021, Morgan Stanley assigned a price target of “an Equal-weight” to the stock and resumed coverage with a $8.

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