RIDE - Why Lordstown Motors Stock Jumped on Thursday
Shares of electric vehicle start-up Lordstown Motors (NASDAQ: RIDE) jumped as much as 27.3% in trading early on Thursday after the company reported second-quarter earnings. Shares gave back most of those gains by late morning and are only up 2% at 3:15 p.m. ET.
Management reaffirmed a third-quarter 2022 target for commercial production of the Endurance truck with deliveries beginning in the fourth quarter. Despite not generating any revenue, the company reported net income of $63.7 million, or $0.32 per share, after selling its manufacturing plant to Foxconn.
Cash on hand was $236 million at the end of the quarter and management said it has "more runway and will need to raise less capital in 2022 than previously forecasted." This is generally bullish for the company's future dilution .
For further details see:
Why Lordstown Motors Stock Jumped on Thursday