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Thursday, September 21, 2023

When Will Lordstown Motors Corp. (RIDE) Slow Down

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Lordstown Motors Corp. (RIDE) shares are trading at higher $23.47 and the avg recommendation for the stock is Strong Buy.

To add more color to this target, the company’s high over the last year is $31.80 and the low is $9.50 while the S&P 500 is up 18.53%. The catalyst for this interesting swing was the company’s recent earnings report.

A Notable Earnings Report

RIDE Return on Equity (ROE) is -0.60%, and its Return on Assets is -0.60%. All told, it is clear that, RIDE needs to be on your watchlist.

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Of course, we must look beyond the financials and question how well those numbers represent the sustainable earnings power of the business. Investors need to know how sustainable this current run. RIDE has a short ratio of 1.03 and outstanding shares of 164.95M.

Company Outlook

RIDE has seen increased volume after this news and investors are putting their support behind the value proposition. Furthermore, 10-day volume stands at 4.14 million and more growth is possible in the weeks ahead. Traders will also note the company’s earnings per share came in at -0.05. Lordstown Motors Corp. RIDE also noted assets of $284.31 million at the end of the last quarter. Investors should also keep an eye on sector updates as RIDE has historically followed its peers on positive news.

All told, Lordstown Motors Corp. RIDE has strung together solid data and demonstrated underlying fundamentals. At its current valuation, RIDE represents an interesting risk/reward case. Traders should stay tuned to see if this recent report will push the stock to test recent resistance levels.

Lordstown Motors Corp. RIDE is now commanding a market cap of 3.79B and a float of 99.21M. RIDE is increasing its credibility in this sector and that could lead to more upside down the line. Sign-up for continuing coverage on shares of RIDE stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in RIDE, either long or short, and we have not been compensated for this article.

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