The Lordstown Motors stock (NASDAQ: RIDE) has been on a free fall since mid-February this year and analysts believe the bears market is coming to an end.
Expectations of bouncing back are running high especially after the recent agreement with Foxconn to purchase the facility in Trumbull County and also work together on the production and design of electric vehicles (EVs).
To help stock traders eying the Lordstown Motors Corp stock, Invezz has created a brief article on what it is and where to buy it.
To find out more, please continue reading.
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What is RIDE stock?
RIDE stock is the stock of Lordstown Motors Corp and it trades on NASDAQ under the symbol NASDAQ: RIDE.
Lordstown Motors Corp IS AN American electric vehicle (EV) automaker headquartered in Lordstown, Ohio. It started at the Lordstown Assembly plant that was previously owned by General Motors.
General Motors has invested a whopping $75 million in Lordstown Motors.
Should I buy the RIDE stock today?
Despite the current dip, the RIDE stock is expected to roar back upwards pretty soon especially now that the bears market is seen to have stretched to its limits. Therefore, buying the dip could be a great investment idea.
Lordstown Motors stock price prediction
Though difficult to give a precise market price prediction due to the long downward trend that is expected to come to an end soon, most market analysts expect the stock to close the year above $5.