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Unusual Put Option Trade in Lordstown Motors Worth $23.46K
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On May 9, 2023 at 12:07:49 ET an unusually large $23.46K block of Put contracts in Lordstown Motors – (RIDE) was sold, with a strike price of $0.50 / share, expiring in 619 day(s) (on January 17, 2025). Fintel tracks all large options trades, and the premium spent on this trade was 1.17 sigmas above the mean, placing it in the 90.45th percentile of all recent large trades made in RIDE options.
This trade was first picked up on Fintel’s real time Options Flow tool, where unusual option trades are highlighted.
What is the Fund Sentiment?
There are 253 funds or institutions reporting positions in Lordstown Motors -. This is a decrease of 2 owner(s) or 0.78% in the last quarter. Average portfolio weight of all funds dedicated to RIDE is 0.02%, an increase of 14.20%. Total shares owned by institutions decreased in the last three months by 4.74% to 59,350K shares. The put/call ratio of RIDE is 0.14, indicating a bullish outlook.
Analyst Price Forecast Suggests 758.70% Upside
As of April 24, 2023, the average one-year price target for Lordstown Motors – is 3.19. The forecasts range from a low of 0.50 to a high of $10.50. The average price target represents an increase of 758.70% from its latest reported closing price of 0.37.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Lordstown Motors – is 50MM, an increase of 12,911.75%. The projected annual non-GAAP EPS is -1.43.
What are Other Shareholders Doing?
Invesco holds 10,558K shares representing 4.42% ownership of the company. In it’s prior filing, the firm reported owning 9,348K shares, representing an increase of 11.47%. The firm decreased its portfolio allocation in RIDE by 35.97% over the last quarter.
PBW – Invesco WilderHill Clean Energy ETF holds 8,973K shares representing 3.75% ownership of the company. In it’s prior filing, the firm reported owning 7,398K shares, representing an increase of 17.55%. The firm decreased its portfolio allocation in RIDE by 6.74% over the last quarter.
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 4,777K shares representing 2.00% ownership of the company. No change in the last quarter.
IWM – iShares Russell 2000 ETF holds 3,884K shares representing 1.62% ownership of the company. In it’s prior filing, the firm reported owning 3,719K shares, representing an increase of 4.25%. The firm decreased its portfolio allocation in RIDE by 41.08% over the last quarter.
Geode Capital Management holds 3,496K shares representing 1.46% ownership of the company. In it’s prior filing, the firm reported owning 3,061K shares, representing an increase of 12.43%. The firm decreased its portfolio allocation in RIDE by 34.19% over the last quarter.
Lordstown Motors Background Information
(This description is provided by the company.)
Lordstown Motors Corp. is an Ohio-based original equipment manufacturer of light duty fleet vehicles, founded by CEO Steve Burns with the purpose of transforming Ohio’s Mahoning Valley and Lordstown, Ohio, into the epicenter of electric-vehicle manufacturing. The company owns the 785 acre, 6.2 million square foot Lordstown Assembly Plant where it plans to build the Lordstown Endurance, believed to be the world’s first full-size,all-electric pickup truck designed to serve the commercial fleet market.
See all Lordstown Motors – regulatory filings.
This article originally appeared on Fintel
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