Shares of Electric Vehicle (EV) maker Lordstown Motors (NASDAQ:RIDE) focused on light-duty vehicles for the commercial fleet market, closed 8.3% higher on November 29. Moreover, RIDE stock gained about 3% in after-hours trade as the company began the delivery of its first customer vehicles after receiving regulatory approval to sell its EVs in the U.S.
The company announced that its full-size EV pickup truck, Endurance, got certifications from the EPA (Environmental Protection Agency) and CARB (California Air Resources Board), which is key to starting customer sales.
Following this development, its first batch of 500 units is leaving the Foxconn Ohio plant for customer delivery. Moreover, management stated that the production volume of its Endurance electric pickup truck would slowly ramp up and accelerate as the company resolves the supply chain constraints.
Including yesterday’s gain, RIDE stock is down over 57% year-to-date. Issues regarding the shortage of funds to bring its pickup truck (learn more about RIDE’s financials here) to market and supply-chain issues weighed on RIDE stock.
What is the Forecast for RIDE Stock?
RIDE stock has a Sell recommendation from R.F. Lafferty analyst Jaime Perez. His price target of $1 implies 30.1% downside potential. Further, our data shows insiders sold RIDE stock worth $16.3M last quarter. Meanwhile, hedge funds sold 250K RIDE stock.
Overall, Lordstown Motors stock carries an Underperform Smart Score of three on TipRanks’ Smart Scoring system.