RIDE - Is Lordstown Motors Stock a Buy After It Tanked Today?
Lordstown Motors (NASDAQ: RIDE) has had its share of problems as it has worked toward starting production of its fully electric Endurance pickup truck. In March 2021, a short-seller report questioned the accuracy of the pre-order numbers it claimed, and its ability to begin production on schedule later that year. Some of those claims proved to be accurate.
Fast forward a year, and the company has had to raise additional capital, push back its production plans, replace its CEO and CFO, and shift its strategy to contract out its production. That has all culminated in a share price that has dropped more than 87% in a year, including a crash today after the company reported its most recent financial results.
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Is Lordstown Motors Stock a Buy After It Tanked Today?