Zacks: Analysts Anticipate Lordstown Motors Corp. (NASDAQ:RIDE) to Post -$0.44 Earnings Per Share

Equities research analysts expect Lordstown Motors Corp. (NASDAQ:RIDE) to post earnings of ($0.44) per share for the current quarter, Zacks Investment Research reports. Zero analysts have provided estimates for Lordstown Motors’ earnings, with the highest EPS estimate coming in at ($0.43) and the lowest estimate coming in at ($0.45). The company is scheduled to report its next earnings results on Wednesday, November 10th.

According to Zacks, analysts expect that Lordstown Motors will report full-year earnings of ($2.42) per share for the current fiscal year, with EPS estimates ranging from ($2.56) to ($2.25). For the next year, analysts anticipate that the company will report earnings of ($1.56) per share, with EPS estimates ranging from ($2.07) to ($1.25). Zacks’ EPS averages are an average based on a survey of research analysts that follow Lordstown Motors.

Lordstown Motors (NASDAQ:RIDE) last announced its quarterly earnings results on Tuesday, August 10th. The company reported ($0.61) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.49) by ($0.12).

RIDE has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft initiated coverage on Lordstown Motors in a research report on Friday, May 28th. They issued a “hold” rating and a $8.00 price objective on the stock. Morgan Stanley dropped their price target on Lordstown Motors from $12.00 to $8.00 and set an “underweight” rating on the stock in a research report on Tuesday, May 25th. Bank of America dropped their price target on Lordstown Motors from $13.00 to $11.00 and set a “neutral” rating on the stock in a research report on Friday, July 16th. The Goldman Sachs Group dropped their price target on Lordstown Motors from $10.00 to $8.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 25th. Finally, R. F. Lafferty lowered Lordstown Motors from a “hold” rating to a “sell” rating and dropped their price target for the company from $9.00 to $3.00 in a research report on Monday, June 14th. Six equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, Lordstown Motors has an average rating of “Hold” and a consensus target price of $13.89.

Lordstown Motors stock traded up $0.44 during trading hours on Wednesday, reaching $6.84. The company had a trading volume of 701,910 shares, compared to its average volume of 11,051,625. The firm has a market cap of $1.21 billion, a price-to-earnings ratio of -6.57 and a beta of 0.87. Lordstown Motors has a 12-month low of $4.77 and a 12-month high of $31.80. The company has a 50-day moving average price of $6.69 and a 200 day moving average price of $9.76.

A number of institutional investors have recently bought and sold shares of RIDE. Vanguard Group Inc. grew its holdings in Lordstown Motors by 20.0% during the second quarter. Vanguard Group Inc. now owns 10,073,725 shares of the company’s stock valued at $111,415,000 after purchasing an additional 1,679,488 shares during the period. BlackRock Inc. grew its holdings in Lordstown Motors by 359.6% during the second quarter. BlackRock Inc. now owns 8,289,975 shares of the company’s stock valued at $91,687,000 after purchasing an additional 6,486,251 shares during the period. Invesco Ltd. grew its holdings in Lordstown Motors by 5.9% during the second quarter. Invesco Ltd. now owns 3,668,056 shares of the company’s stock valued at $40,569,000 after purchasing an additional 204,574 shares during the period. State Street Corp grew its holdings in Lordstown Motors by 3,934.2% during the second quarter. State Street Corp now owns 2,630,314 shares of the company’s stock valued at $29,091,000 after purchasing an additional 2,565,114 shares during the period. Finally, Geode Capital Management LLC grew its holdings in Lordstown Motors by 108.6% during the second quarter. Geode Capital Management LLC now owns 1,972,000 shares of the company’s stock valued at $21,810,000 after purchasing an additional 1,026,558 shares during the period. Institutional investors own 28.79% of the company’s stock.

About Lordstown Motors

Lordstown Motors Corp. operates as an original equipment manufacturer of light duty fleet vehicles. It develops, manufactures, and sells Endurance, an electric full-size pickup truck targeted for sale to fleet customers. Lordstown Motors Corp. was founded in 2019 and is based in Lordstown, Ohio.

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