Shares of Aston Martin Lagonda Global Holdings PLC (LON: AML) are down 18.5% from their June highs despite making significant announcements over the past month.
The luxury carmaker announced the hiring of Andrew Alessi and Dan Fallows from Red Bull as new technical directors. Alessi will be Aston Martin’s new head of technical operations, while Fallows will be in charge of aerodynamics, a position similar to his role at Red Bull.
Aston Martin is keen to boost its Formula1 racing team under Lance Stroll’s leadership and has recently been on a hiring spree. The company recently hired Alfa Romeo's chief designer Luca Furbatto just before the two Red Bull hires.
Otmar Szafnauer, Aston Martin’s Team Principal, said: “Many times this year we have said: ‘This team has always punched above its weight; now it has the weight with which to punch harder’,” Adding:
“New arrivals such as Luca, Dan and now Andrew represent proof that we are building the technical/engineering strength in depth that we need to deliver that harder punch.”
Today, the luxury car manufacturer announced multiple changes to its board, including the appointment of Amedeo Felisa, Natalie Massenet DBE, and Marigay Mackee as independent non-executive directors.
The appointment of the three female non-executive directors brings the female representation in the company’s boards and committees to just under 30%, which is aligned with UK corporate governance codes.
Aston Martin shares have been falling despite the recent positive developments but could have bottomed at current prices, which are near a crucial support level in place since January. However, the downtrend appears to have lost momentum as AML shares have been trading sideways for the past few days and might be gathering momentum to rally higher.
Traders interested in profiting from Aston Martin’s price swing may find the current prices quite attractive. As a result, they may use the previous trading range and upper resistance levels as potential profit targets.
*This is not investment advice. Always do your due diligence before making any investment decisions.
Aston Martin share price.
Aston Martin shares have fallen 18.47% from their June high of 2257.14 to their current price of 1840.1p.