Lion Electric (NYSE:LEV) Upgraded to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Lion Electric (NYSE:LEV) from a sell rating to a hold rating in a report issued on Wednesday, Zacks.com reports.

According to Zacks, “Lion Electric is a manufacturer of all-electric medium and heavy-duty urban vehicles. Lion Electric, formerly known as Northern Genesis Acquisition Corp., is based in MONTREAL. “

Other equities research analysts have also recently issued research reports about the stock. Barclays began coverage on shares of Lion Electric in a report on Friday, September 24th. They set an overweight rating and a $17.00 target price on the stock. Raymond James lowered their target price on shares of Lion Electric from $20.00 to $17.00 and set a market perform rating on the stock in a report on Friday, November 12th. National Bankshares decreased their price target on shares of Lion Electric from $19.00 to $17.00 and set an outperform rating on the stock in a report on Friday, November 12th. Scotiabank initiated coverage on shares of Lion Electric in a report on Tuesday, October 12th. They issued a sector perform rating and a $16.50 price target on the stock. Finally, National Bank Financial decreased their price target on shares of Lion Electric from $19.00 to $17.00 and set an outperform rating on the stock in a report on Friday, November 12th. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of Buy and an average target price of $18.65.

NYSE:LEV opened at $9.84 on Wednesday. The firm’s 50 day moving average is $10.45 and its 200 day moving average is $12.52. Lion Electric has a 12 month low of $8.82 and a 12 month high of $35.25.

Lion Electric (NYSE:LEV) last issued its earnings results on Wednesday, November 10th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.38). The business had revenue of $11.93 million for the quarter, compared to analyst estimates of $25.10 million. As a group, sell-side analysts expect that Lion Electric will post 0.14 EPS for the current year.

Hedge funds have recently added to or reduced their stakes in the stock. CVI Holdings LLC bought a new position in Lion Electric in the second quarter worth about $1,400,000. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Lion Electric during the second quarter valued at approximately $146,000. Sandbox Financial Partners LLC bought a new position in shares of Lion Electric during the second quarter valued at approximately $275,000. Lake Street Financial LLC bought a new position in shares of Lion Electric during the third quarter valued at approximately $302,000. Finally, Penserra Capital Management LLC purchased a new stake in shares of Lion Electric during the second quarter valued at approximately $210,000. 5.60% of the stock is owned by institutional investors.

About Lion Electric

The Lion Electric Company manufactures all-electric medium and heavy-duty urban vehicles in North America. It primarily offers buses and trucks. The company is based in Saint-Jérôme, Canada.

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