It's no secret that LiveWire has been having a tough time, pretty much ever since it went public. To some degree, the company's guidance was generally to expect that it would lose money for the first few years. After all, they said, it's both a new company (for various values of 'new,' considering that it's largely funded by Harley-Davidson, a company that prides itself on its long standing in both the American and international motorcycle industries) and dealing in new technology.
Brave new worlds take time to conquer, in other words.
And yet, quarterly and yearly results have remained dismal at best. They have, arguably, improved somewhat, but having slightly less negative results is still having negative results. The debate over the moves LiveWire (and by extension, Harley-Davidson) is making is one that will likely rage on well into the future.
But we're not here to talk about that today. No, instead, we're here to talk about something a little...strange. The first pieces of the puzzle you need to see are the following screenshots.
On Friday, May 23, 2025, LVWR stock hit a low price of $1.01 per share. But amazingly, by Tuesday, June 10, 2025, it reached the highest value it had in months, reaching the lofty heights of $7.48 per share. When compared to other companies (like HOG, for example), that might not seem like much. But if you're measuring LVWR's performance only against itself, it's quite an impressive leap forward to take in just a few scant weeks.
If you look at LiveWire's Investor Relations page, you'll see the latest news (at the time of writing on June 26, 2025) is the May 1, 2025 announcement that LiveWire was reporting its 2025 Q1 financial results. No new news has been posted since that time, and certainly nothing that coincides with either the low or high stock price dates above.
But if you take a peek at the United States Securities and Exchange Commission's EDGAR system—which, for the uninitiated, stands for Electronic Data Gathering, Analysis, and Retrieval and has absolutely nothing to do with a former Illinois governor of the same name—you'll see some other items of interest that do appear to coincide with that time period.
To be clear, we're not StocksApart, or FinancialAdviceApart, and we're not legal experts. This is not in any way to be considered business or legal advice. We just wanted to share something that we found interesting, and thought you might find interesting as well.
If you look at LVWR's EDGAR filings for the past 30 days, you'll come up with 11 results that were filed between June 6 and June 16, 2025.
Two form 8-Ks were filed, with both announcing the departure of two key members of the LiveWire organization. On June 6, 2025, Tralisa Maraj, who is CFO of LiveWire Group Inc, announced that she would be resigning effective July 11, 2025. And then, six days later, on June 12, 2025, a member of the LiveWire Board of Directors named John Garcia announced his resignation from that position, effective immediately. The form also notes that "Mr. Garcia's decision to resign was not the result of any disagreement with the Company on any matter relating to the Company's operations, polices, or practices," and goes on to add that "We thank Mr. Garcia for his valuable contribution to the Company since its inception."
To add further intrigue to this resignation, the Milwaukee Business Journal notes that Garcia was the firm's "lead independent director," and was one of only four Board members (out of a total of nine) who is not also a Harley-Davidson executive. The business publication also noted that shares held by AEA-Bridges Impact Corporation, which you may or may not recall as the SPAC formed to spin LiveWire off into its own entity in the first place back in 2022 (and crucially, which Garcia also led) were also sold. The amount there? A cool 7.95 million shares.
What about the other nine filings? All of them are SEC Form 4 (Insider Trading Report) filings, with the more formal heading of Statement of Changes in Beneficial Ownership. In other words, stocks either being acquired or disposed of.
On June 10, 2025, LiveWire Group Head of Global Sales and Marketing Jon Bekefy disposed of 8,088 shares of the company, at a price of $8.14 per share. The form also includes a space to report what shares have been retained following the transaction(s) being reported; he still reports owning 122,386 shares.
On June 10, 2025, member of the LiveWIre Group Board of Directors William L. Cornog reported two separate transactions involving disposal of thousands of shares of LVWR. The first involved the disposal of 25,000 shares at $7.65 apiece; the second involved disposal of a further 15,000 shares at $7.57 apiece. After both transactions, the report states that he still retains a further 196,739 shares in the company.
On June 10, 2025, LiveWire Group Head of Product Development and Design Ryan Ragland reported three separate transactions involving the disposal of LVWR stock. The first involved 2,745 shares at $6.24 apiece; the second 2,853 shares at $7.55 apiece; and the third 1,293 at $7.99 apiece. At the end of these transactions, the report states that he retains 127,625 shares in the company.
On June 11, 2025, LiveWire Group CEO Karim Donnez reported two separate transactions regarding disposal of LVWR stock. The first involved 35,699 shares at $7.50 a share; the second involved 43,475 shares on June 12, 2025 at $6.25 a share. After these transactions, the report states that he retains a further 1,043,781 shares in the company.
On June 11, 2025, member of the LiveWire Group Board of Directors John L. Garcia (who, if you'll recall, also tendered his resignation effective immediately as mentioned at the start of this piece) reported two separate transactions involving the disposal of thousands of shares of LVWR stock. The first occurred on June 11, 2025, and involved 49,998 shares at $7.49 apiece; the second on June 12, 2025 involving 56,559 shares at $6.47 apiece. After these transactions, the report states that he retains 2,698,722 shares in the company.
On June 11, 2025, LiveWire Group CFO Tralisa Maraj reported the disposal of 25,000 shares of LVWR stock at $8.60 a share. After this transaction, she retains 324,771 shares in the company. As you may also recall, she announced her upcoming resignation from her current position in July, which was noted in a separate SEC filing mentioned at the start of this piece.
On June 12, 2025, member of the LiveWire Group's Board of Directors Kjell Gruner reported the disposal of 18,969 shares at a price of $6.49 apiece. After this transaction, the report notes that he retains 121,360 shares in the company.
On June 16, 2025, LiveWire Group CEO Karim Donnez reported disposal of a further 54,661 shares at $5.50 apiece. After this transaction (and the other two mentioned above), the report notes that he retains 989,120 shares in the company.
At the time of writing, there does not appear to be any specific public announcement issued prior to or around this time frame to explain why the stock price increased so sharply in such a short period of time. If we take a birdseye view of LVWR's stock price trends since September 2022, history shows us that the highest point it's reached so far was $12.04 on July 14, 2023. Since that time, it's had both ups and downs, with the single lowest price being recorded at just $1 on May 9, 2025.
What Do The Tea Leaves Tell You?
We wouldn't begin to predict what's going to happen with LiveWire. As you're probably well aware if you're reading this, it's been tough times throughout most of the powersports industry as of late, and doubly so if you're a company that makes EVs. With the global uncertainties raised by the ongoing ebb and flow of tariff threats, as well as fears of a possible economic recession, it's not difficult to understand why.
Instead, we'll quote Investopedia here, which succinctly notes that, when regarding "legal purchase of company stock by executives, directors, or large shareholders," the behavior of "buying often indicates confidence in [the] company's future," while "selling signals the opposite." We'll note here that in the cases of shares sold above, the executives and board members that did so still retain significant amounts of stock in the company, even after having sold off seemingly large numbers of shares as mentioned above.
RideApart has reached out to LiveWire for comment on this story, but has not heard back at the time of publication. If and when we receive a response, we will be sure to update this story with any new information.
