Zacks Investment Cuts Lordstown Rating to ‘Sell’
LORDSTOWN, Ohio – Zacks Investment Research downgraded Lordstown Motors Corp.’s stock rating from “hold” to “sell” on Tuesday, as the share value of the electric-vehicle automaker continued to slide.
The company’s stock, which trades on NASDAQ under the ticker symbol RIDE, hit a 52-week low of $2.93 per share yesterday afternoon before closing down 5.4% at $2.94. It’s the first time the stock has closed below $3.00 since it was listed in October 2020.
According to Zacks.com, Lordstown Motors ranks in the bottom 23% of the automotive industry sector. The EV manufacturer has an average rating of “sell” and an average target price of $8.50, according to MarketBeat.
Lordstown Motors is in the process of producing the Endurance, an all-electric pickup that is targeted for fleet customers. The automaker anticipates the Endurance will be ready for commercial deliveries by the third quarter of this year.
In November, the company announced it had reached an agreement to sell the plant, a former General Motors assembly factory, to Foxconn for $230 million. The deal is expected to become final in April.
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