Stock Alert: LMP Automotive Soars 15%

(RTTNews) - Shares of automotive e-commerce platform LMP Automotive Holdings, Inc. (LMPX) are rising more than 15% Friday morning on the news of its acquisition of two new dealerships including two new vehicle franchises in the Southeast.

According to LMP Automotive, the acquisition is expected to add about $210 million in annual revenue, $7.1 million in income, and $0.64 per share in 2021.

With this new acquisition, the total contracted dealership count in this quarter becomes 12, that are expected to add a combined $645.0 million revenues and $16.4 million in net income or $1.49 in earning per share in 2021, the company said.

On September 1, the company had announced the acquisition of 9 Southeast Dealerships Including 10 New Vehicle Franchises.

LMPX is currently trading at $15.44. It has traded in the range of $3.28- $49.30 in the last one year.