Romeo Power Sees Unusually High Options Volume (NYSE:RMO)


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Romeo Power, Inc. (NYSE:RMO) saw unusually large options trading on Wednesday. Stock investors purchased 35,758 put options on the company. This represents an increase of approximately 2,052% compared to the average daily volume of 1,662 put options.

Hedge funds have recently added to or reduced their stakes in the company. Formidable Asset Management LLC purchased a new stake in Romeo Power in the fourth quarter valued at approximately $772,000. Belvedere Trading LLC purchased a new stake in Romeo Power in the fourth quarter valued at approximately $730,000. Monashee Investment Management LLC purchased a new stake in Romeo Power in the fourth quarter valued at approximately $8,996,000. ExodusPoint Capital Management LP purchased a new stake in Romeo Power in the fourth quarter valued at approximately $4,048,000. Finally, SeaCrest Wealth Management LLC purchased a new stake in Romeo Power in the fourth quarter valued at approximately $398,000. 72.12% of the stock is currently owned by hedge funds and other institutional investors.

NYSE:RMO opened at $10.45 on Thursday. Romeo Power has a 52 week low of $7.71 and a 52 week high of $38.90. The stock’s 50-day moving average price is $12.07 and its 200-day moving average price is $15.05.

Romeo Power (NYSE:RMO) last released its quarterly earnings results on Monday, March 29th. The company reported ($0.24) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.13) by ($0.11).

Several brokerages have weighed in on RMO. BTIG Research cut their price target on Romeo Power from $40.00 to $30.00 and set a “buy” rating on the stock in a research report on Wednesday, March 31st. Cowen began coverage on Romeo Power in a research report on Monday, March 15th. They set an “outperform” rating and a $18.00 price target on the stock. Williams Financial Group downgraded Romeo Power from a “buy” rating to a “hold” rating and set a $6.70 price target on the stock. in a research report on Wednesday, March 31st. Finally, Morgan Stanley cut their price target on Romeo Power from $12.00 to $7.00 and set an “underweight” rating on the stock in a research report on Wednesday, March 31st.

Romeo Power Company Profile

Romeo Power, Inc, an energy storage technology company, designs and manufactures lithium-ion battery modules and packs for commercial electric vehicles in North America. The company operates through two segments, Romeo Power North America and Joint Venture Support. It also offers battery management systems; and design, research and development, and other engineering related services.

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