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Tag: RIDE Stock

  • Lordstown Motors Corp. (RIDE) stock soared in the recent trading session: here’s why

    Lordstown Motors Corp. (RIDE) stock soared in the recent trading session: here’s why

    Lordstown Motors Corp (RIDE) stock recently traded at $12.18 which is a 3.44% upward movement, at the time of writing. The stock previously closed at $11.77.

    Today’s pattern of RIDE stock movement comes along with the news of a law firm announcing class action complaints filed against the Electric Vehicle Manufacturer.

    The operational background of Lordstown Motors Corp

    Lordstown Motors Corp. is a vehicle manufacturing company. It specifically manufactures electric-vehicles and light duty fleet vehicles. Lordstown has acquired a manufacturing plant in Ohio that is consisting of a 785 acre Assembly plant. The CEO Steve Burn has announced to build the Lordstown Endurance which is an all-electric pickup truck and it will be established. Endurance will be manufactured in the Ohio manufacturing plant. Endurance will be first of its kind electric pickup truck designed for the fleet market.

    Lordstown Motors unmoved by another development of lawsuit?

    The Klein Law Firm has announced today that on behalf of shareholders of RIDE stock it has filed a Class-Action Lawsuit. The Class period starts from August 2020 to March 17, 2021. The Lead plaintiff deadline is for 17th May, 2021. Even SEC has started to look into this investigation.

    However, this has not affected the fundamentals of RIDE stock; it is months away from delivering its first vehicles but even now the company’s market capitalization is crossing over $2 billion. The commercialization plan of Endurance which has a price tag of $50,000 is going to be in September of this year.

    When and how did the accusation of Lordstown Motors Corp begin?

    The RIDE stock news has not been good lately and neither is the consecutive streak of losses in the market by the auto-manufacturing corporation.

    This all started on 12th march when the investigative research firm known as Hindenburg Research set its sight on the claim of CEO of Lordstown Steve Burns. He claimed on an interview on 23rd February that his company has presold 100,000 electric pickup trucks. Hindenburg states that this claim of orders and order book consists of a series of false or non-binding orders.

    What is Hindenburg’s report about?

    In the report created by Hindenburg, it has stated that the electric-vehicle manufacturer has misled its investors by lying about its demand and production capability. The Research firm further stated that the company has no solid revenue and no sellable product.

    Hindenburg had then shorted Lordstown Motors Corp. (RIDE) which led to a downward plunge in the stock price. This RIDE stock news caused other investigative law firms and research firms to pick on the bones on the company, as is the influence of the Hindenburg’s market reputation.

    Since 12th March leading to 18th March, RIDE stock has been under scrutiny of several law firms including The Schall firm, Nationally Ranked Shareholder Rights Firm and Hagens Berman- National Trial Attorneys.

    Steve Burns has defended against the accusation saying that Lordstown won’t directly be addressing the accusations made by the Hindenburg and that the company is cooperating with the regulators to further look into this matter.

    High risks of fraud gives investors mixed views about RIDE stock

    Overall the RIDE stock is performing well amidst the accusation and investigation. Lordstown had reported $630 million cash at hand in the end of the Q4 2020 report. However when looking at the company’s future operation performance, you should keep in mind that Lordstown Motors has no prior experience in the manufacturing of electric vehicles at scale. It has yet to reach a full-capacity limit for its Ohio plant, which is predicted to only happen after second quarter of 2020. Furthermore, there is always the risk of the investigation of SEC finding out the potential bad news for the Company that may not bode well for the Investors either.

  • RIDE stock is seeing some losses lately; how deep is the accusation against Lordstown Motors Corp?

     Lordstown Motors Corp. (NASDAQ:RIDE) stock has plunged in the market by -9.54% to the current price of $13.65. The RIDE stock previously closed at 15.09.

    Producer of electric-vehicle for commercial fleet

    Lordstown Motors Corp. is an electric-vehicle manufacturer based in Ohio. It manufactures light-duty fleet vehicles. The manufacturing plant of the automobile giant exists in Ohio consisting of a 785 acre Assembly plant. This is the exact plant where CEO Steve Burn has announced to build the Lordstown Endurance which is an all-electric pickup truck. Endurance will be the first of its kind electric pickup truck designed for the fleet market.

    Why was Lordstown Corp (RIDE) accused of making fake claims

    The RIDE stock news has not been good lately and neither is the consecutive streak of losses in the market by the auto-manufacturing corporation.

    This all started on 12th March when the investigative research firm known as Hindenburg Research set its sight on the claim of CEO of Lordstown Steve Burns. He claimed on an interview on 23rd February that his company has presold 100,000 electric pickup trucks. Hindenburg states that this claim of orders and order book consists of a series of false or non-binding orders.

    What is Hindenburg’s report about?

    In the report created by Hindenburg, it has stated that the electric-vehicle manufacturer has misled its investors by lying about its demand and production capability. The Research firm further stated that the company has no solid revenue and no sellable product.

    Hindenburg had then shorted Lordstown Motors Corp. (RIDE) which led to a downward plunge in the stock price. This RIDE stock news caused other investigative law firms and research firms to pick on the bones on the company, as is the influence of the Hindenburg’s market reputation.

    Since 12th March leading to 18th March, RIDE stock has been under scrutiny of several law firms including The Schall firm, Nationally Ranked Shareholder Rights Firm, and Hagens Berman- National Trial Attorneys.

    Steve Burns has defended against the accusation saying that Lordstown won’t directly be addressing the accusations made by the Hindenburg and that the company is cooperating with the regulators to further look into this matter.

  • Auto Stocks to watch on Tuesday: Baidu is All Set to Jump in EV

    Auto Stocks to watch on Tuesday: Baidu is All Set to Jump in EV

    China’s BaiduInc is exploring producing its own electric vehicles and has held talks with automakers about the prospect, said 3 persons with knowledge of the case, the latest step in a battle between tech firms to build smart cars.

    China’s leading search engine, which also advances automated driving technologies and internet communication networks, explores contract production, one of the people said or creating a majority-owned venture with automakers.

    The project will move up from internet peers such as Tencent Holdings Ltd, Amazon.com Inc and Alphabet Inc, which have either developed auto-related technologies or invested in smart-car start-ups.

    NIO Limited (NYSE:NIO) shares were trading down -2.38% at $40.98 at the time of writing on Monday after reporting the pricing of the offering of 68,000,000 American depositary shares, each representing one Class A ordinary share of the Company, at a price of US$39.00 per ADS.

    NIO Limited (NYSE:NIO) share price went from a low point around $2.11 to briefly over $57.20 in past 52 weeks, though shares have since pulled back to $40.98. NIO market cap has remained high, hitting $60.13B at the time of writing, giving it price-to-sales ratio of more than 30.

    If we look at the recent analyst rating NIO, Goldman upgraded coverage on NIO shares with a Neutral rating and a $37.72 price target, which implies room for -3.26% downside momentum this year.

    Ford Motor Company (F) last closed at $8.91, in a 52-week range of $3.96 to $9.57. Analysts have a consensus price target of $8.94.

    Tesla Inc. (TSLA) stock soar by 4.89% to $639.83. The most recent rating by Jefferies, on December 11, 2020, is at a Hold.

    XPeng Inc. (NYSE:XPEV) Shares headed rising, higher as much as 6.45% following the declaration from the firm that that its P7 super-long range sports sedan was named the Car of the Year 2021 by the Xuanyuan Awards, China’s most prestigious badge of auto quality and innovation. The most recent rating by Deutsche Bank, on December 14, 2020, is at a Buy.

    Nikola Corporation (NASDAQ:NKLA) fall -6.87% after losing more than -$1.21 on Monday. The company on November 30, 2020 reported the signing of a non-binding Memorandum of Understanding (“MOU”) with General Motors for a global supply agreement related to the integration of GM’s Hydrotec fuel-cell system into Nikola’s commercial semi-trucks.

    Fisker Inc. (FSR) last closed at $15.59, in a 52-week range of $8.70 to $23.63 after declaring that it has signed agreements with Cox Automotive U.K. and Rivus Fleet Solutions to provide a range of after-sales services for the U.K. market. Analysts have a consensus price target of $24.00.

    Li Auto Inc. (LI) stock drop by -0.10% to $31.33. The most recent rating by Citigroup, on November 16, 2020, is at a Buy. On December 4, 2020, the company announced the pricing of follow-on public offering of American Depositary Shares.

    Kandi Technologies Group Inc. (NASDAQ:KNDI) Shares headed falling, lower as much as -7.67%.

    General Motors Company (NYSE:GM) fall -0.72% after losing more than -$0.3 on Monday. On November 30, 2020, the firm revealed it has signed a non-binding memorandum of understanding with Nikola Corporation for a global supply agreement to provide its Hydrotec fuel cell system for Nikola’s Class 7/8 semi-trucks.

    Workhorse Group Inc. (WKHS) last closed at $21.39, in a 52-week range of $1.32 to $30.99. Analysts have a consensus price target of $26.80.

    Electrameccanica Vehicles Corp. (SOLO) stock drop by -2.02% to $6.31. The most recent rating by ROTH Capital, on July 09, 2019, is at a Buy.

    Lordstown Motors Corp. (NASDAQ:RIDE) Shares headed falling, lower as much as -2.96%. The company on December 5, 2020 reported that the United States Securities and Exchange Commission has declared Lordstown’s registration statement on Form S-1 (File No. 333-250045). The most recent rating by Goldman, on December 11, 2020, is at a Buy.

    Fiat Chrysler Automobiles N.V. (NYSE:FCAU) rose 0.84% after gaining more than $0.14 on Monday. Alfa Romeo Announces 4C Spider 33 Stradale Tributo.

    Ayro Inc. (AYRO) last closed at $5.52, in a 52-week range of $1.80 to $10.60. On November 24, 2020, the company reported the Closing of $10.0 million registered direct offering.

    Niu Technologies (NIU) stock drop by -2.50% to $28.43. The most recent rating by Citigroup, on November 06, 2020, is at a Buy.