Lightning eMotors, Inc. (NYSE:ZEV – Get Rating) was the target of a large increase in short interest in February. As of February 28th, there was short interest totalling 7,350,000 shares, an increase of 16.1% from the February 13th total of 6,330,000 shares. Based on an average daily trading volume, of 1,850,000 shares, the days-to-cover ratio is currently 4.0 days. Currently, 14.4% of the shares of the stock are sold short.
Hedge Funds Weigh In On Lightning eMotors
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Goldman Sachs Group Inc. raised its position in shares of Lightning eMotors by 20.6% during the second quarter. Goldman Sachs Group Inc. now owns 32,193 shares of the company's stock worth $89,000 after acquiring an additional 5,489 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its position in shares of Lightning eMotors by 6.2% during the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 160,489 shares of the company's stock worth $249,000 after acquiring an additional 9,351 shares during the last quarter. Virtu Financial LLC bought a new stake in shares of Lightning eMotors during the first quarter worth $88,000. American International Group Inc. bought a new stake in shares of Lightning eMotors during the second quarter worth $51,000. Finally, Bank of New York Mellon Corp raised its position in shares of Lightning eMotors by 21.4% during the third quarter. Bank of New York Mellon Corp now owns 105,872 shares of the company's stock worth $164,000 after acquiring an additional 18,661 shares during the last quarter. Institutional investors and hedge funds own 29.48% of the company's stock.
Get Lightning eMotors alerts:Wall Street Analysts Forecast Growth
Several analysts recently commented on the company. Northland Securities decreased their price target on Lightning eMotors from $2.50 to $1.50 in a research note on Tuesday. Benchmark reaffirmed a "buy" rating and issued a $2.00 price target on shares of Lightning eMotors in a research note on Tuesday. Oppenheimer lowered Lightning eMotors from an "outperform" rating to a "market perform" rating in a research note on Monday. Finally, DA Davidson reduced their price objective on Lightning eMotors from $4.00 to $1.50 in a research note on Wednesday. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $5.00.
Lightning eMotors Price Performance
Lightning eMotors stock traded down $0.01 on Wednesday, reaching $0.31. The company's stock had a trading volume of 1,970,906 shares, compared to its average volume of 2,031,131. The company has a debt-to-equity ratio of 1.32, a quick ratio of 4.86 and a current ratio of 6.39. The company has a market cap of $27.67 million, a price-to-earnings ratio of 4.00 and a beta of 2.94. The business's fifty day moving average price is $0.67 and its 200 day moving average price is $1.04. Lightning eMotors has a twelve month low of $0.29 and a twelve month high of $6.05.
About Lightning eMotors
(Get Rating)
Lightning eMotors, Inc designs, manufactures, and sells zero-emission commercial fleet vehicles and powertrains to commercial fleets, large enterprises, original equipment manufacturers, and governments in the United States. It offers zero-emission class 3 to 7 battery electric and fuel cell electric vehicles.
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