Shares of electric-truck maker Lordstown Motors (NASDAQ:RIDE) had jumped 14% as of 12:45 p.m. EST today, on the heels of a second analyst upgrade in two weeks, and a filing showing an increase in orders.
Yesterday, R.F. Lafferty analyst Jaime Perez started coverage of the electric-vehicle (EV) maker with a buy rating and $35 price target. That represents a 71% increase over Tuesday's closing price of $20.52. It also follows a buy rating from Goldman Sachs two weeks ago that put a $31 target on the shares.
Yesterday's analyst call comes a day after Lordstown announced an update to its electric Endurance pickup truck bookings. The company said it had 80,000 Endurance reservations as of Dec. 21, an increase from the previously disclosed order level of 50,000 nonbinding reservations.
Lordstown also recently announced a partnership with recreational vehicle (RV) maker Camping World Holdings (NYSE:CWH). The companies said they will upgrade and use Camping World's existing infrastructure to service Endurance fleet customers. They will also collaborate on a potential electric RV in the future.
Lordstown will be building its pickup trucks in a former General Motors auto plant in Lordstown, Ohio. Production of the Endurance remains on track to begin in September 2021.