RIDE Stock Price: $3 Target By R.F. Lafferty

By Amit Chowdhry ● June 14, 2021
  • The shares of Lordstown Motors Corp (NASDAQ: RIDE) have received a price target decrease from $9 to $3 by R.F. Lafferty. These are the details.

The shares of Lordstown Motors Corp (NASDAQ: RIDE) have received a price target decrease from $9 to $3 by R.F. Lafferty. And R.F. Lafferty analyst Jaime Perez had downgraded Lordstown Motors from a previous “Hold” rating to a “Sell” rating.

Perez noted that the downgrade is due to the company’s announcement that CEO Steve Burns and CFO Julio Rodriguez had resigned. Perez pointed out that Lordstown had warned of a going concern risk and during the company’s first-quarter earnings call, the company said it might need to raise more capital to meet its production forecast.

Perez believes that a downgrade to “Sell” was necessary with the level of “uncertainty increasing in the future.”

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