Lordstown’s Suspicious Transactions

By Felipe Nebesnyj Wed, Jun 23, 2021

Hey Scoopers,

Although the stock market kept rising as investors turned back to tech stocks, the cryptocurrency market suffered huge losses. — More on that in the “Overall Market” section.

Beyond the overall market, a hydrogen fuel cell company has finally seen positive revenue as its customer incentives helped increase sales. Meanwhile, a lidar manufacturer announced a $140 million equity offering. — More on that in the “What’s Up?” and “What’s Down?” sections.

By the way, Lordstown has delivered more scandals than trucks in 2021. — More on that in the “Water Cooler” section.

But, first, here is a recap of what happened in the market yesterday:

Market Recap

• U.S. markets: The stock market ended in the positive on Tuesday. Scroll down to the “Overall Market” section to read more.
• Cryptocurrency: After dropping under $31K per coin on the weekend, Bitcoin‘s price reached a $28K intraday low per coin.

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Crypto’s Downfall

The stock market ended in the green zone on Tuesday.

After starting the day in the red, the markets returned to positive. It seems investors turned back toward tech stocks. Despite a joyous day for the stock market, the cryptocurrency market witnessed a sank in prices as China weighed on cryptos with even tighter regulatory actions. The Bitcoin erased year-to-date gains after prices fell below $30,000, leading to a crypto sell-off.

Strong Report

So, what happened?

Shares of Plug Power (Ticker: PLUG) were up by more than 13% on Tuesday. Yesterday, the hydrogen fuel cell company announced its first-quarter 2021 earnings report. The company’s revenue increased 76% compared to 2020 Q1. Although the company’s increasing customer incentives forced Plug to report negative revenue in 2020, it helped improve sales in Q1. It was not all good news, but investors kept the bullish sentiment toward the stock.

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High Volatility

So what happened?

Shares of Microvision (Ticker: MVIS) were down by more than 11% on Tuesday. Although the lidar sensor manufacturer recently became a so-called “meme stock,’’ the dip came for a different reason. The company announced a $140 million at-the-market equity offering, stating it would use the money for capital expenditures. It is not uncommon for companies to sell and buy common stocks. However, Microvision stock’s high volatility may impact the price of every decision the company makes.

Lordstown’s Suspicious Transactions

So what happened?

Lordstown (Ticker: RIDE) executives sold millions of dollars in stock before last week’s investigation became public. The electric truck maker’s executive board started an investigation over its former CEO and CFO. The allegations were that both executives lied about Lordstown production capabilities to the public. Although the announcement of an investigation calmed down investors, recent regulatory filings showed five Lordstown executives (including the former CEO, current CEO, and the former CFO) sold more than $8 million in stock. One of its top executives even sold 99.3% of his vested shares, netting more than $2.5 million from the sale.

Although the company stated the transactions were unrelated to its performance, the movements seemed suspicious to public opinion.

If you have any questions, or suggestions let us know by emailing us at members@tradestocks.com. We look forward to hearing from you.

About the Author

Felipe Nebesnyj is an Economics student who is passionate about the stock market and investing in the market. Originally from Brazil, he is working and studying in the U.S. and started learning about and researching the stock market at 16. Before joining Stock Card, Felipe worked on multiple stock market research projects that gave him the necessary knowledge and confidence to put into his stock market analyst career at Stock Card. Last but not least, he is an excellent violinist and enjoys video games.