Why Lordstown Motors Shares Are Getting Hammered Today

Lordstown Motors Corp RIDE shares are trading lower by 18% at $9.21 after the company's amended annual filing mentioned going concerns that current cash levels are not enough to begin commercial production.

Following the filing, RBC Capital initiated coverage on Lordstown Motors with an Underperform rating and announced a price target of $5.

See Also: Why Lordstown Motors Shares Are Plummeting

Lordstown Motors Corp is an automotive company founded for the purpose of developing and manufacturing light duty electric trucks targeted for sale to fleet customers. The company has been developing its flagship vehicle, the Endurance, an electric full-size pickup truck.