Lordstown Motors Corp.’s recently made public that its 10% Owner Burns Stephen S. unloaded Company’s shares for reported $4.35 million on Jan 06. In the deal valued at $0.87 per share,5,000,000 shares were sold. As a result of this transaction, Burns Stephen S. now holds 21,683,745 shares worth roughly $ 22.98 million.
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Then, Burns Stephen S. sold 1,169,000 shares, generating $2,080,820 in total proceeds. Upon selling the shares at $1.78, the 10% Owner now owns 26,683,745 shares.
Before that, Burns Stephen S. sold 650,000 shares. Lordstown Motors Corp. shares valued at $1,124,500 were divested by the 10% Owner at a price of $1.73 per share. As a result of the transaction, Burns Stephen S. now holds 27,852,745 shares, worth roughly $29.52 million.
R. F. Lafferty downgraded its Lordstown Motors Corp. [RIDE] rating to a Sell from a a Hold in a research note published on Friday, May 10, 2022; the price target was decreased to $1 from $4. PT values the company’s stock at a premium of -6.0 to its Friday closing price. A number of analysts have revised their coverage, including R. F. Lafferty’s analysts, who increased its forecast for the stock in mid November from “a Sell” to “a Hold”. BTIG Research also remained covering RIDE and has decreased its forecast on November 12, 2021 with a “Neutral” recommendation from previously “Buy” rating. Morgan Stanley revised its rating on October 05, 2021. It rated RIDE as “an Underweight” which previously was an “an Equal-weight”.
Price Performance Review of RIDE
On Friday, Lordstown Motors Corp. [NASDAQ:RIDE] saw its stock fall -2.75% to $1.06. On the same session, the stock had its day’s lowest price of $1.02, but rose to a high of $1.07. Over the last five days, the stock has lost -18.46%. Lordstown Motors Corp. shares have fallen nearly -7.02% since the year began. Nevertheless, the stocks have fallen -62.68% over the past one year. While a 52-week high of $3.79 was reached on 02/03/23, a 52-week low of $0.87 was recorded on 01/06/23. SMA at 50 days reached $1.2090, while 200 days put it at $1.7320. A total of 2.22 million shares were traded, compared to the trading of 5.67 million shares in the previous session.
Levels Of Support And Resistance For RIDE Stock
The 24-hour chart illustrates a support level at 1.0300, which if violated will result in even more drops to 1.0000. On the upside, there is a resistance level at 1.0800. A further resistance level may holdings at 1.1000. The Relative Strength Index (RSI) on the 14-day chart is 36.25, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.1419, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 91.11%. Stochastics %K at 10.13% indicates the stock is a buying.
Lordstown Motors Corp. [RIDE] – Who Are The Largest Shareholders?
In filings from BlackRock Fund Advisors, it is revealed that the company now owns 11,224,861 shares, or roughly 5.17% of the outstanding RIDE shares. In other words, the investor’s shares have risen by 1,829,182 from its previous 13-F filing of 9395679.0. Additionally, Invesco Capital Management LLC increased 13.05% of its stake after which the total value it holdings stand at $13,824,274, while The Vanguard Group, Inc. added 1.41% of its stake to hold $10.68 million in the firm. Over the last quarter, SSgA Funds Management, Inc. purchased 369,405 shares of Lordstown Motors Corp., while Geode Capital Management LLC bought 434,550 shares. At present, D. E. Shaw & Co. LP is holding 1,721,930 shares valued at $2.26 million. Northern Trust Investments, Inc. owned 1,526,166 shares of the company at the time of its most recent 13F filing, worth $2.0 million.
According to FactSet, Lordstown Motors Corp.’s share price will average $1.25 in the next year, based on opinions of analysts polled by the firm. This is down nearly -8.26 percent from its previous closing price of $1.09. Analysts expect Lordstown Motors Corp. stock to reach the higher price of $2.00, while the lowest price estimate is $0.75. However, 4 analysts have rated RIDE stock as an Underweight in their predictions for 2023.