RIDE - Why Lordstown Motors Tanked 23.7% in June
Shares of Lordstown Motors (NASDAQ: RIDE) dipped 23.7% in June, according to data from S&P Global Market Intelligence . The pre-revenue electric-vehicle maker saw its share price dip along with the broad market, nervousness around unprofitable companies, and the continued popping of the electric-vehicle bubble. As of this writing, shares of Lordstown Motors are down 85.5% in the past year.
There wasn't any big direct news that came from Lordstown Motors this month, but investors decided to sell off shares anyway. One factor was probably the dip in the Nasdaq 100 Index , which was down almost 10% last month. On top of that, many investors are worried about unprofitable technology companies right now, especially with the Federal Reserve raising interest rates. Lordstown Motors isn't generating any revenue, let alone positive cash flow, so it could be harder for the company to raise more money with tighter financial conditions across the corporate world.
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Why Lordstown Motors Tanked 23.7% in June