The Lion Electric Company (NYSE:LEV) Shares Sold by Power Corp of Canada

Power Corp of Canada trimmed its stake in The Lion Electric Company (NYSE:LEV) by 88.7% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,842,519 shares of the company’s stock after selling 77,143,685 shares during the quarter. Lion Electric makes up 7.5% of Power Corp of Canada’s portfolio, making the stock its 2nd biggest holding. Power Corp of Canada owned approximately 4.35% of Lion Electric worth $53,054,000 as of its most recent filing with the Securities & Exchange Commission.

Separately, Cubist Systematic Strategies LLC acquired a new position in shares of Lion Electric in the second quarter worth $62,000. 52.73% of the stock is currently owned by institutional investors and hedge funds.

Lion Electric Stock Performance

LEV stock opened at $0.35 on Wednesday. The stock has a 50-day moving average price of $0.52 and a two-hundred day moving average price of $0.74. The Lion Electric Company has a 12-month low of $0.18 and a 12-month high of $1.99. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.12 and a quick ratio of 0.30.

Lion Electric (NYSE:LEV) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.02). Lion Electric had a negative net margin of 74.35% and a negative return on equity of 32.42%. The firm had revenue of $30.63 million for the quarter, compared to analysts’ expectations of $34.33 million. During the same period last year, the firm posted ($0.10) EPS. Sell-side analysts expect that The Lion Electric Company will post -0.52 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on LEV. BMO Capital Markets cut their price target on Lion Electric from $0.80 to $0.60 and set a “market perform” rating for the company in a report on Friday, November 8th. DA Davidson reiterated a “neutral” rating and issued a $1.00 target price (down from $1.50) on shares of Lion Electric in a research note on Monday, August 12th. Seven analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $1.46.

Lion Electric Company Profile

The Lion Electric Company designs, develops, manufactures, and distributes purpose-built all-electric medium and heavy-duty urban vehicles in North America. The company's products include battery systems, chassis, bus bodies, and truck cabins. It distributes truck and bus parts, as well as accessories.