Investing

Former Chairman and CEO Stephen Burns Again Cuts Stake in Lordstown Motors (RIDE)

Fintel reports that Burns Stephen S. has filed a 13D/A form with the SEC disclosing ownership of 26,683,745 shares of Lordstown Motors Corp (RIDE). This represents 12.3% of the company.

In their previous filing dated November 10, 2022 they reported 30,602,745 shares and 14.10% of the company, a decrease in shares of 12.81% and a decrease in total ownership of 1.80% (calculated as current – previous percent ownership).

Lordstown Motors Corp. is an Ohio-based original equipment manufacturer of light duty fleet vehicles, founded by CEO Steve Burns with the purpose of transforming Ohio’s Mahoning Valley and Lordstown, Ohio, into the epicenter of electric-vehicle manufacturing.

The company owns the 785 acre, 6.2 million square foot Lordstown Assembly Plant where it plans to build the Lordstown Endurance, believed to be the world’s first full-size,all-electric pickup truck designed to serve the commercial fleet market.

What are other large shareholders doing?

Invesco Ltd. holds 9,347,784 shares representing 4.31% ownership of the company. In it’s prior filing, the firm reported owning 9,599,695 shares, representing a decrease of 2.69%. The firm decreased its portfolio allocation in RIDE by 88.91% over the last quarter.

D. E. Shaw & Co., Inc. holds 4,408,573 shares representing 2.03% ownership of the company. In it’s prior filing, the firm reported owning 3,223,073 shares, representing an increase of 26.89%. The firm increased its portfolio allocation in RIDE by 16.15% over the last quarter.

Geode Capital Management, Llc holds 3,061,060 shares representing 1.41% ownership of the company. In it’s prior filing, the firm reported owning 2,583,516 shares, representing an increase of 15.60%. The firm increased its portfolio allocation in RIDE by 42.11% over the last quarter.

Susquehanna International Group, Llp holds 1,763,101 shares representing 0.81% ownership of the company. In it’s prior filing, the firm reported owning 1,150,815 shares, representing an increase of 34.73%. The firm increased its portfolio allocation in RIDE by 3.25% over the last quarter.

Northern Trust Corp holds 1,464,941 shares representing 0.68% ownership of the company. In it’s prior filing, the firm reported owning 1,407,869 shares, representing an increase of 3.90%. The firm decreased its portfolio allocation in RIDE by 57.36% over the last quarter.

What is the overall Fund Sentiment?

There are 261 funds or institutions reporting positions in Lordstown Motors Corp. This is a decrease of 10 owner(s) or 3.69%.

Average portfolio weight of all funds dedicated to Lordstown Motors Corp is 0.0167%, a decrease of 3.6499%. Total shares owned by institutions decreased in the last three months by 4.14% to 62,673,348 shares.

Fintel’s Fund Sentiment Score is a quantitative model that ranks companies from zero to 100 based on Fund Sentiment. Fund Sentiment is important because it tells you if funds are buying or selling – and in particular how the company ranks compared to other companies in the investing universe.

Click to see the Fintel Fund Sentiment Score for RIDE / Lordstown Motors Corp.

This article originally appeared on Fintel

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