- 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.”
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.