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Moreover, RIDE’s shares have slumped 57.4% so far this year. This decline can be attributed primarily to investors’ concern surrounding the lawsuits the company is facing just when it is about to launch its pickup truck, the Endurance.
RIDE’s stock is currently trading 73.1% below its $31.8 all-time high. In addition to the ongoing probe and lawsuits, the company’s recent statement that it does not have sufficient funding to begin producing its electric truck at scale could worsen matters. Given these circumstances, we think the stock could suffer further declines in the near term.
