Here's What Is Going On With Lordstown Motors Stock

Lordstown Motors Corp RIDE shares fell over 15% in the regular session on Thursday and declined another 6% in the after-hours session.

What Happened: RIDE is the second top-trending ticker on Stocktwits at press time, with some users backing the stock against what they allege are short-seller attacks against the electric vehicle maker.

The decline in Lordstown shares came on a day when multiple electric vehicle makers saw their shares decline after Ford Motor Company F unveiled its all-electric F-150 pickup truck.

Fisker Inc FSR shares fell 1.36%, Workhorse Group Inc WKHS shares were down 4.56%, and Nikola Corporation NKLA shares were down 1.01% in Thursday’s regular session. Contrasting the trend was EV pack-leader Tesla Inc TSLA, which appreciated 4.14%.

The decline in Lordstown shares was steeper. On the same day, Wolfe Research downgraded the stock to Sell from Hold and cut the price target to $1 per share from $18.

Why It Matters: Lordstown is planning to launch its light-duty pickup “Endurance” — priced at nearly $52,000, later this year, noted Barrons. 

See Also: Fisker, Lordstown Could Be EV Latecomers, Goldman Sachs Says In Downgrade

The base model of Ford’s electric F-150 priced at $39,974. The truck is slated to go on sale mid-next year in the United States.

The Endurance has a range of 250 miles, while the Ford-150 Lightning has a range of 230 miles as standard and 300 miles with an extended-range battery pack.

Ford shares have risen 42.1% on a year-to-date basis this year, while Lordstown shares have plummeted 51.6% in the same period. 

See also: How to Buy Ford Stock

Price Action: Lordstown shares closed nearly 15.3% lower at $9.70 in Thursday’s regular session and fell another 5.67% to $9.15 in the after-hours trading. On the same day, Ford shares rose 3.14% in the regular session to $12.49 and added nearly 0.99% gains in the after-hours trading.

Read Next: Lordstown Failed To Pay $570K In Taxes Last Month: AP

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