Lordstown Motors (RIDE) Stock Rockets 20%: Is It Sustainable?

After having emerged as a notable gainer among electric vehicle stocks yesterday, Lordstown Motors (NASDAQ:RIDE) has continued on the same track this morning and soared by 20% so far.

Considering the fact that the Lordstown stock has been quite volatile in recent months, it might be a good move for investors to take a closer look at the latest rally. Back in February, the stock had hit a high of $31.80 but since then it has had a tough time and eventually went below its IPO price.

One of the significant reasons behind the decline in the Lordstown stock price is the short report from the firm Hindenburg Research. In the report, it was alleged that Lordstown had misled investors with regards to the particulars of an SEC investigation. However, the tide may now not be turning ahead of its earnings report. The company also announced that there is going to be an event named ‘Lordstown Week’ in June. That will give the company significant exposure to investors.

Jack Dawkins

Finance and Tech Contributor

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