Stock traders buy large volume of Lordstown Motors call options (NASDAQ:RIDE)

Lordstown Motors Corp. (NASDAQ:RIDE – Get Rating) was the target of unusual options trades on Tuesday. Investors bought 16,507 call options on the stock. This is an increase of approximately 234% from the typical volume of 4,949 call options.

Lordstown Motors Price Performance

Lordstown Motors stock traded down $0.16 at midday on Tuesday, hitting $2.01. 601,258 shares of the company were traded, compared to its average volume of 3,186,995. The company has a 50-day simple moving average of $1.85 and a two-hundred-day simple moving average of 1.99 $. Lordstown Motors has a fifty-two week low of $1.49 and a fifty-two week high of $7.19. The stock has a market capitalization of $413.80 million, a price/earnings ratio of -2.00 and a beta of 1.19.

Institutional investors weigh in on Lordstown Motors

Several hedge funds have recently increased or reduced their stakes in the company. Barclays PLC increased its stake in Lordstown Motors by 2.1% in the third quarter. Barclays PLC now owns 319,445 shares in the company valued at $585,000 after buying a further 6,500 shares in the last quarter. Victory Capital Management Inc. acquired a new stake in Lordstown Motors during Q3 for $35,000. Allspring Global Investments Holdings LLC increased its position in Lordstown Motors by 43.8% during Q3. Allspring Global Investments Holdings LLC now owns 48,572 shares of the company worth $88,000 after purchasing an additional 14,788 shares during the period. Pure Financial Advisors LLC bought a new position in Lordstown Motors during Q3 worth $51,000. Finally, Verition Fund Management LLC bought a new position in Lordstown Motors during Q2 worth $53,000. Institutional investors and hedge funds own 30.42% of the company’s shares.

About Lordstown Motors

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Lordstown Motors Corp. develops, manufactures and sells Endurance, a full-size electric pickup truck for fleet customers. The company was founded in 2019 and is based in Lordstown, Ohio.

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