The Lion Electric Company (NYSE:LEV – Get Rating) was the recipient of a large decrease in short interest in the month of December. As of December 30th, there was short interest totalling 11,640,000 shares, a decrease of 6.1% from the December 15th total of 12,390,000 shares. Based on an average trading volume of 1,300,000 shares, the days-to-cover ratio is currently 9.0 days. Approximately 16.5% of the company’s shares are sold short.
Analyst Ratings Changes
Several brokerages have issued reports on LEV. Canaccord Genuity Group cut shares of Lion Electric from a “buy” rating to a “hold” rating and decreased their price target for the company from $8.00 to $2.50 in a research report on Friday, October 21st. Raymond James decreased their price target on shares of Lion Electric from $5.00 to $4.50 and set a “market perform” rating for the company in a research report on Monday, November 14th. B. Riley decreased their price target on shares of Lion Electric from $5.00 to $4.00 in a research report on Wednesday, December 14th. Northland Securities began coverage on shares of Lion Electric in a research report on Tuesday, December 27th. They issued an “outperform” rating and a $5.00 price target for the company. Finally, DA Davidson decreased their price target on shares of Lion Electric to $5.00 in a research report on Wednesday, November 16th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $7.13.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently bought and sold shares of the stock. Shell Asset Management Co. boosted its stake in Lion Electric by 40.7% during the second quarter. Shell Asset Management Co. now owns 6,774 shares of the company’s stock worth $28,000 after acquiring an additional 1,959 shares in the last quarter. Tudor Investment Corp Et Al bought a new position in shares of Lion Electric in the third quarter valued at $29,000. XTX Topco Ltd bought a new position in shares of Lion Electric in the first quarter valued at $96,000. Prelude Capital Management LLC bought a new position in shares of Lion Electric in the second quarter valued at $52,000. Finally, Van Hulzen Asset Management LLC bought a new position in shares of Lion Electric in the third quarter valued at $38,000. 43.71% of the stock is owned by institutional investors.
Lion Electric Stock Up 5.4 %
Lion Electric (NYSE:LEV – Get Rating) last issued its earnings results on Thursday, November 10th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.01. The business had revenue of $40.98 million for the quarter, compared to analyst estimates of $41.66 million. Lion Electric had a net margin of 43.68% and a negative return on equity of 10.19%. As a group, sell-side analysts forecast that Lion Electric will post -0.27 earnings per share for the current fiscal year.
Lion Electric Company Profile
The Lion Electric Company designs, develops, manufactures, and distributes purpose-built all-electric medium and heavy-duty urban vehicles in North America. Its products include battery systems, chassis, bus bodies, and truck cabins. The company also distributes truck and bus parts, as well as accessories.
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