Lordstown Motors’ Stock Soars as EV Market Rallies
LORDSTOWN, Ohio – Shares of Lordstown Motors Corp. shot up more than 36% at one point during morning trading Friday, reversing a downward spiral that began earlier this year.
The gains Friday are in addition to a 33% rally the electric-vehicle manufacturer experienced Thursday. Lordstown Motors’ shares have improved more than 84% over the past five days.
Lordstown Motors’ stock, which trades under the ticker RIDE, had witnessed a steady decline since February. In May, the company initiated a 1:15 reverse stock split to increase share value and prevent it from being delisted from the Nasdaq exchange. At 11 a.m., RIDE stock was trading at $5.75 per share.
Year to date, RIDE stock is down 66.8%.
The strong market showing comes as the company wrestles with cash challenges and a dispute with its major investor, Foxconn.
Electric-vehicle startups have witnessed a sizable uptick in the market this week.
Over the past five days, shares of Workhorse Group were up 27%, Carvana Co. stock jumped 34%, and EV manufacturer Rivian has posted a 10.6% gain for the week.
Published by The Business Journal, Youngstown, Ohio.