Sell RIDE Stock After Lordstown Motors’ CEO and CFO Resign

News of Lordstown Motors (NASDAQ:RIDE) forcing its CEO and CFO out of the company is tanking RIDE stock today. This comes after an independent investigation sponsored by the Board found out that the company inflated its pre-order numbers. When you pile this news on top of the fact that the company doesn’t have enough cash to sustain themselves, the future of this company looks incredibly bleak.

A magnifying glass zooms in on the website for Lordstown Motors (RIDE).
Source: Postmodern Studio / Shutterstock.com

I’d go as far as to say that this stock is done.

Last week, Lordstown announced that they may not have adequate cash to keep the lights on. Now, the CEO and CFO are ousted on fudged numbers.

As Lordstown Motors shares slide 20% this morning, it’s time to throw in the RIDE stock towel.

RIDE Stock: The Full Story

A few months back, short seller Hindenburg Research said that the company was inflating its pre-order numbers in order to inflate its stock. The Lordstown Board proceeded to launch an independent internal investigation into the matter.

And that investigation dididentify issues regarding the accuracy of certain statements regarding the Company’s pre-orders.”

The CEO and CFO were held accountable, and they got the boot.

Now, we’ve never been big fans of Lordstown’s management team. We even informed readers last week that this was one of the weakest management teams in the EV sector.

Today’s findings prove we’re right. We think the management team got so desperate  to compete with the more capable EV companies that they started exaggerating their numbers.

The Bottom Line on RIDE Stock

This is the nail in the coffin for Lordstown Motors. Moving forward, who will want to work for this company? Their name is marred because they lied about their numbers, and they also don’t have enough cash to fund the business.

They also don’t have a working, commercially viable product, let alone a CEO or CFO.

No one will want to work there. A lack of talent will result in a lack of progress. And the company will inevitably wind up in the EV graveyard.

Ride stock is going to zero.

There are far better companies on my radar than Lordstown Motors, in fact. At my newly launched service, Daily 10X Stock Report, I highlight one potential stock (or cryptocurrency) each day the market is open.

The catch? Each opportunity has to have the potential to deliver 10X-plus gains.

The investments highlighted in this ultra-intensive research service represent some of my favorite small-cap stocks and cryptocurrencies today… each of which could post massive gains over the next 6 to 12 months as inflation fears subside completely.

I’m talking about companies that include one which I think could become the “PayPal of Cryptocurrency,” or an altcoin that could be the future “Blockchain GitHub,” and an off-the-radar tech company that could hold the key to making a million-mile EV battery.

Find out more with my free feature-length video, which details the secret method Wall Street’s top investors use for scoring predictable, consistent 10X gains in stocks and cryptocurrencies alike.

So… what’re you waiting for?

Go ahead and click here, and find out how you can potentially make a lot of money in the markets over the next few months amid the revival of the risk-on trade.

On the date of publication, Luke Lango did not have (either directly or indirectly) any positions in the securities mentioned in this article.

By uncovering early investments in hypergrowth industries, Luke Lango puts you on the ground-floor of world-changing megatrends. It’s how his Daily 10X Report has averaged up to a ridiculous 100% return across all recommendations since launching last May. Click here to see how he does it.


Article printed from InvestorPlace Media, https://investorplace.com/hypergrowthinvesting/2021/06/ride-stock-drops-after-lordstown-motors-shares-more-bad-news/.

©2021 InvestorPlace Media, LLC