I Like the Truck
$RIDE has been the recipient of relentless sack kicking for the greater part of 16 months now, however, we have been edging so long that we can’t hold back much longer.
Workhorse (WKHS) former CEO, Steve Burns, resigned and created a new startup venture focused on delivering a work-truck fit for fleet deployment targeting commercial customers. This work-truck, the Endurance, was conceptually developed by Workhorse and refined by the newly created Lordstown Motors Company (LMC) at the recently acquired GM Lordstown plant that GM had vacated earlier that year. GM made a deal with Lordstown to acquire the facility in a deal to ease the unrest caused by their closing of an economically essential manufacturing facility.
Unfortunately, there were significant holes in LMC’s story (most notably regarding pre-orders) that short sellers, Hindenburg Research, couldn’t wait to insert their peckers in. Short attacks have relentlessly pushed the share price down ($29.01 – $1.40) consistently ever since and have manipulated the market condition by replaying the Hindenburg greatest hits track after every earnings call or catalyst to stifle any consideration from investors who don’t see the big picture. “Embattled auto start-up failure, LMC, surprisingly beats cash-burn predictions – speaking of burns, remember how Steve Burns was the subject of an SEC investigation?” See below an unrelated photo of a burning Endurance prototype…” Good news tends to be ignored nationally, but usually reported locally.
In an article written by Ima nota-lowdtosey only five months ago regarding the deal struck between LMC and FOXCONN for the sale of and use of the Lordstown plant for manufacturing the Endurance – “Bankruptcy appears to be the most likely outcome at this point." Since then the deal has closed without a hitch and a strategic partnership has been created.
"RIDE had an FTD every single day (except 1) since the second half of March. Recently hedge funds also had a total FTD in May totaling 6,830,421 shares for $64M. What is FTD? Typical short selling requires borrowing shares to sell short. FTD HAPPENS WHEN ALL THE SHARES HAVE BEEN BORROWED AND THEY ARE STILL SHORT SELLING BEYOND WHAT THEY CAN BORROW. THIS STOCK IS BEING SHORT SOLD TO THE GROUND." – u/tankre84 from a post on the Lordstown Reddit titled "RIDE: THE COMPLETE DUE DILIGENCE," which includes a really outstanding timeline of the company from 2016 until 2021.
Despite this, LMC has pushed forward with their heads down, identifying creative financing solutions; completing their hub manufacturing line and battery module; completing the factory tooling for endurance production; tapping into developed talent pools, significantly lowering operating costs, navigating the chip shortage, fortification through strong partnerships and strategic agreements.
$RIDE in 2022 is now = FOXCONN, LMC, and MIH Consortium
Although the trucks appearance is still similar to the early Workhorse concept, the current, near-production, endurance has been enhanced and modified significantly as a result of extension testing.
Quite a bit has happened since 2019, if you are at all interested you will check out this earnings call from yesterday:
There is a lot going on and this shit is due to light off. I am so hard over the current LMC price and the potential upside that I have committed greater than 90% of my portfolio to LMC – I am sprung
TLDR: I am a humble peasant with a hard on for RIDE stock and am fully convinced that it will 10x in less than 12 months, especially with 46.55M of short interest. LMC will not fail to produce the endurance and the rally will be very quick. Blah blah blah chart, blah blah blah squeeze these nuts, blah blah blah homo for fomo. Chastity, obedience, etc.
I am not carrying bags (anymore), I am green in RIDE
As of 7/15/2022
Short Interest shares – source: NASDAQ
Short Interest Ratio 6.09 Days to Cover
Short Interest % Float 28.08% – source: NASDAQ (short interest), Capital IQ (float)
Off-Exchange Short Volume 5,453,587 shares – source: FINRA (inc. Dark Pool volume)
Off-Exchange Short Volume Ratio 43.42% – source: FINRA (inc. Dark Pool volume)
Disclaimer: ***I’m an idiot and this is not financial advice**\*
Submitted August 05, 2022 at 02:18PM by DjAlusiv
via reddit https://ift.tt/UIyLaEd