Lordstown Motors Corporation (NASDAQ: RIDE), an American electric vehicle automaker, has a market cap of $66.76 Billion. As per its earnings and revenue reports, the company’s EPS for Q1 2023 was -$2.90 whereas the estimation was also the same, which accounts for 0.00% surprise. The revenue for the same period amounts to $518.42K despite the estimated figure of $518.42K.
The estimated EPS for the next quarter are $-3.41, and revenue is expected to reach $1.18 Million. According to Yahoo Finance, a U.S.-based business news platform, Blackrock Inc., Vanguard Group, Inc. (The), and State Street Corporation are top-3 institutional holders of Lordstown Motors Corp.
RIDE Stock Price Analysis
The stock price recently showed a bullish outlook as the electric vehicle (EV) market showed positive gain. Notably, the EV startups in the U.S. saw massive weekly price gains which supported the stock price to rise nearly 30% despite the monthly price drop.
RIDE stock price closed at $4.19 on its recent trading day and noted 0.48% decline while showing 30% of increase this week. The opening price was at $4.60 and due to a massive price surge, the high was at $6.76; while the low was at $4.11. In the last one month, the stock price dropped by more than 12% while year-to-date (YTD) decline was nearly 75%.
As shown in the above chart, in the recent trading session, the stock showed massive bear dominance which led the stock to reach its 100-day moving average. The bear’s dominance eventually dropped the stock price as the stock proceeded towards its weekend. Still, the stock price showed a nearly 30% upsurge this week.
Analysts have set their price target at $7.73 that is up more than 84% at the last closing price of the stock. Their one-year price forecast has a maximum estimate at $15.00 while a minimum estimate is at $0.45.
Furthermore, on June 16, Friday, Reuters, a U.K.-based multimedia news provider, reported that “U.S. EV startups saw massive weekly gains on Friday.” This gain was due to “a searing rally in their shares over the past few sessions nearly doubled the value of companies such as Nikola (NKLA.O).”
Meanwhile, “the surge in EV stocks has come without any apparent news or catalyst for the companies, leading several analysts and traders to point to a potential squeeze in the highly shorted stocks,” as Reuters further mentioned in its report.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/06/18/ride-stock-price-is-moving-up-the-slope-with-over-30-surge/