RIDE - Why Lordstown Motors Shares Are Reversing Recent Gains
Shares of struggling electric vehicle (EV) start-up Lordstown Motors (NASDAQ: RIDE) have soared by nearly 60% since May 11, when it announced it had closed a deal to sell its factory and contract out its planned vehicle production. That agreement with electronics manufacturer Foxconn breathed new life into Lordstown -- or at least gave it the ability to keep operating.
The stock continued to gain ground Wednesday morning with a jump of more than 14% in early trading. But Lordstown shares then lost all of the session's gains, and were trading down by 2.1% as of 2:47 p.m. ET.
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Why Lordstown Motors Shares Are Reversing Recent Gains