Lordstown Motors (symbol RIDE), the ostensible maker of electric trucks, had been rallying the past couple of weeks, more than doubling from its lows. I guess people figured it was “cheap”. After hours, however, a good chunk of those gains are unraveling.
Below is recent history, showing the bounce and then this evening’s unwind in context:
Prior to all this, the company’s history had been:
- SPAC at $10;
- Tripling in price;
- A wild ride up and down, banging up against the $30 level repeatedly;
- As the company’s, ummm, imperfections became known, things began to unravel horribly (with the most amusing bit being the video of the truck in action, which turns out to be just someone pushing it down a hill, causing it to roll…………kinda like the stock price).