Lordstown Shares Poised To Extend 3-Session Winning Streak: Here's Why

Shares of Lordstown Motors Corp. RIDE are advancing strongly Wednesday, defying the market-wide sell-off.

Lordstown On Rally: Lordstown, a manufacturer of electric light-duty trucks, has seen shares retreat notably from the year-to-date high of $31.57 reached Feb. 11. The stock dropped to a new 52-week low of $6.69 on May 11.

Investor skepticism stems from fears that the company may have to face formidable challenge in the electric pickup space from startups and legacy OEMs. Additionally, the company's hubmotor technology is seen to pose an execution risk, given that it hasn't been yet tested commercially at scale in the light vehicle market.

The stock also had to bear the brunt of criticism by short seller Hindenburg, which alleged that the company has no revenues and no sellable product, and its orders appear largely fictitious and used as a prop to raise capital and confer legitimacy.

After pulling back near its May 11 lows on Thursday, the stock has found some support and closed higher for three straight sessions now.

Catalysts Potentially Lending Support: Lordstown is scheduled to report its first-quarter results Monday, after the market close. The company is expected to report a wider loss of 28 cents per share for the quarter.

The company recently announced the hosting of a weeklong event at its Ohio headquarters for investors, analysts, customers and partners from June 21-25.

The event will feature factory tours, presentations and test drives of the Lordstown Endurance all-electric commercial pickup truck.

At last check, Lordstown shares were up 6.44% to $10.74.