Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. 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 $0.24 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 $13708.0.
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 -198.0% premium over Thursday’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 Thursday, Lordstown Motors Corp. [NASDAQ: RIDE] rose 1.71% to $2.98. The stock’s lowest price that day was $2.85, but it reached a high of $3.73 in the same session. During the last five days, there has been a surge of approximately 34.84%. Over the course of the year, Lordstown Motors Corp. shares have dropped approximately -13.62%. Shares of the company reached a 52-week high of $3.84 on 01/03/22 and a 52-week low of $1.49 on 06/16/22. A 50-day SMA is recorded $1.93, while a 200-day SMA reached $3.05. Nevertheless, trading volume fell to 23.06 million shares from 5.37 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 2.64, which, if violated, would cause prices to drop to 2.31. In the upper region, resistance lies at 3.52. The next price resistance is at 4.07. RSI (Relative Strength Index) is 78.42 on the 14-day chart, showing overbought technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.55, which suggests the price will decrease in the coming days. Percent R is at 40.76%, indicating low price movement. Stochastics %K at selling indicates that the stock is to be held.
Is Lordstown Motors Corp. subject to short interest?
Stocks of Lordstown Motors Corp. saw a sharp steep in short interest on Jul 14, 2022 dropping by -1.66 million shares to 46.55 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 48.21 million shares. A decline of -3.57% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 10.68 of the overall float, the days-to-cover ratio (short ratio) decline to 10.68.
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 4.38% 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 transaction, BlackRock Fund Advisors’s stake is now worth $14,070,323. Invesco Capital Management LLC acquire a 21.70% interest valued at $11.32 million while SSgA Funds Management, Inc. purchased a 44,059 stake. A total of -127,273 shares of Lordstown Motors Corp. were bought by Susquehanna Financial Group LLLP during the quarter, and -142,571 were sold by Geode Capital Management LLC. In its current portfolio, SG Americas Securities LLC holds 1,404,343 shares valued at $2.22 million.
In terms of Lordstown Motors Corp. share price expectations, FactSet research, analysts set an average price target of $1.50 in the next 12 months, down nearly -48.81% from the previous closing price of $2.93. Analysts anticipate Lordstown Motors Corp. stock to reach $2.00 by 2022, with the lowest price target being $1.00. In spite of this, 5 analysts ranked Lordstown Motors Corp. stock as an Underweight at the end of 2022. On October 01, 2021, Morgan Stanley assigned a price target of “an Equal-weight” to the stock and resumed coverage with a $8.