Lordstown Motors Corp (NASDAQ: RIDE) jumped about 10% in the stock market on Tuesday afternoon as the executive chairwoman Angela Strand reiterated that the company has sufficient funding to operate through May 2022 and limited production of the Endurance pickup truck is still on track to start in late September.
Strand described Tuesday as a “new day at Lordstown” and reassured investors that despite a short-seller report to the contrary and a recent management shuffle, “there are no disruptions, and there will be no disruptions, to our day-to-day operation.” She added that the company is committed to “building and maintaining” confidence with shareholders.
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If you think the rebound in Lordstown stock is the start of something bigger and would like to ride the wave, the following guide will teach you how to invest in RIDE stock safely.
How and where to buy Lordstown shares?
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What is Lordstown Stock?
Lordstown opened at $9.28 per share on Tuesday and is currently exchanging hands at $10.13 per share. This compared to its year-to-date high of almost $31 per share in early February. The stock had started the year at a per-share price of $20.
The news comes a day Lordstown’s CEO and CFO announced resignations, effective immediately. Chief executive Steve Burn also stepped down from the company’s Board of Directors. At the time of writing, Lordstown is valued at $1.79 billion.
Will Lordstown stock rise in value?
If that could be answered with a simple yes or no, there would be no risk associated with investing in the financial markets, and everybody would be rich. But it’s not a perfect world, and so there are no guarantees that Lordstown shares will continue to rise in value in the future.
However, since the stock has tanked from a year-to-date high of about $31 per share, it can be argued that if the Nasdaq-listed company hires new CEO and CFO who deliver on the promise of beginning production in September, the future outlook could indeed be positive.
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