Morgan Stanley analyst Adam Jonas downgraded Lordstown  from Hold to Sell on Monday evening. He lowered his price target from $8 to $2 per share.

 Lordstown stock is down 8.8%

Hon Hai Precision Industry, popularly known as Foxconn, is planning to buy the company's Ohio manufacturing site. According to the expert, the planned cash payment of $230 million is less than 20% of the plant's value.

Lordstown Motors' electric race truck is (mostly) ready for off-roading | Engadget

Lordstown is selling the facility to raise funds to bring its electric truck,  titled Endurance, to market. The truck's limited manufacturing will commence in late 2021. At the conclusion of the third quarter, Lordstown's cash balance was around $225 million, down from over $366 million at the end of the second quarter.

Shares were down approximately 37% in the last three months and almost 70% year to date as of the start of the day. Furthermore, the stock has fallen about 82% from its early February 52-week high of almost $32.

Wall Street was significantly more optimistic about the stock at the start of February. 3 of the 5 analysts who cover the stock have given it a Buy rating. Analysts' average price estimate was $31.60.

Today, 6 out of 9 analysts, grade stocks as Sell. The average Sell-rating ratio for S&P 500 stocks is less than 10%. The average analyst price estimate for the stock has dropped to $5.

The confidence of Wall Street has been undermined by a number of factors. The business has decreased its 2021 vehicle production projection, indicated that it will need more cash to fund the development of its truck programme, been targeted by a short seller, and overhauled senior management since February.