Lordstown Motors Shares Slam Into Resistance

Benzinga2021-05-25

Shares of Lordstown Motors Corp. (NASDAQ:RIDE) look weak. They failed to get through the resistance at $11 and have been trending lower since.

The charts of Tesla, Inc. (NASDAQ:TSLA) and NIO Inc. (NYSE:NIO) look similar. Companies in the same industry frequently have similar appearances on a chart and that’s the case here.

But there’s a crucial difference. Tesla and Nio broke their respective resistance levels while Lodstown Motors did not. This may indicate future weakness for Lordstown.

See Also: Lordstown Motors Shares Fall On Lowered Unit Guidance, Need For Capital

Lordstown Motors on Monday afternoon reported an earnings loss of 72 cents per share, which was lower than the loss of 16 cents it reported in the same quarter last year.

The company also announced its goal of beginning production in September 2021 remains on track, however, it noted the Lordstown Endurance production in 2021 will be limited to 50% of the company's prior expectations at best.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

Frosty4ever
2021-05-26
Frosty4ever
Will give it a miss. There's a lot better alternative to invest in.
RuyiOng
2021-05-25
RuyiOng
Please help to like and comment
- Ivyn:
  Wowoowoww
- JJQ:
  Done!
Ianer
2021-05-25
Ianer
Hype stock. Not proven until there is an actual product.
bryancyh99
2021-05-25
bryancyh99
Cheers

Leave a comment

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