Romeo Power Target of Unusually Large Options Trading (NYSE:RMO)

Romeo Power, Inc. (NYSE:RMO) was the recipient of some unusual options trading on Thursday. Investors acquired 32,171 call options on the stock. This is an increase of 217% compared to the typical volume of 10,154 call options.

In other Romeo Power news, major shareholder Michael Patterson sold 1,862,399 shares of Romeo Power stock in a transaction that occurred on Monday, June 28th. The stock was sold at an average price of $8.51, for a total value of $15,849,015.49. Following the completion of the transaction, the insider now directly owns 13,972,489 shares in the company, valued at $118,905,881.39. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 18.60% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of RMO. Virtu Financial LLC lifted its position in Romeo Power by 323.5% in the second quarter. Virtu Financial LLC now owns 72,956 shares of the company’s stock worth $594,000 after purchasing an additional 55,729 shares during the period. Parametric Portfolio Associates LLC acquired a new stake in Romeo Power in the second quarter worth approximately $97,000. Morgan Stanley lifted its position in Romeo Power by 27.6% in the second quarter. Morgan Stanley now owns 155,384 shares of the company’s stock worth $1,264,000 after purchasing an additional 33,570 shares during the period. Itau Unibanco Holding S.A. acquired a new stake in Romeo Power in the second quarter worth approximately $34,000. Finally, Invesco Ltd. lifted its position in Romeo Power by 19.8% in the second quarter. Invesco Ltd. now owns 3,992,552 shares of the company’s stock worth $32,500,000 after purchasing an additional 660,859 shares during the period. Institutional investors and hedge funds own 25.58% of the company’s stock.

Shares of NYSE RMO opened at $5.18 on Friday. The stock has a 50 day simple moving average of $5.72 and a 200-day simple moving average of $7.89. The company has a market cap of $694.42 million, a PE ratio of -9.59 and a beta of 0.90. Romeo Power has a 12-month low of $4.09 and a 12-month high of $38.90.

A number of equities analysts have commented on RMO shares. BTIG Research decreased their target price on Romeo Power from $15.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday, August 17th. Zacks Investment Research downgraded Romeo Power from a “hold” rating to a “sell” rating in a research report on Wednesday, August 25th. Finally, Morgan Stanley reduced their price objective on Romeo Power from $7.00 to $4.00 and set an “underweight” rating for the company in a research report on Friday, August 20th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $10.18.

About Romeo Power

RMG Acquisition Corp. is a blank check company. It intends to identify, acquire and operate a business in resources and industrial materials sectors, including the chemicals, energy services and alternatives, environmental services, metals and power sectors. The company was founded on October 22, 2018 and is headquartered in New York, NY.

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