Is Lucid a buy or sale? LCID hits new all-time low
The post Is Lucid a buy or sale? LCID hits new all-time low appeared on BitcoinEthereumNews.com. In 2023, Lucid Motors‘ (NASDAQ: LCID) shares seem to be stuck in a relentless downward spiral, with a growing bearish sentiment and a conspicuous absence of positive catalysts. On October 19, the trend persisted as LCID hit a new record low, leaving bulls with little to hold onto. The stock plummeted to $4.32, a fresh all-time low, before slightly recovering to $4.38. Nevertheless, LCID was still down more than 3.3% on the day. LCID hitting a new all-time low on October 19. Source: Finbold Why is Lucid stock tumbling again? The latest downswing comes in the wake of a long-awaited Q3 delivery and production report, which missed Wall Street’s estimates by some distance. At first, the uncertainty around the stock began to grow because the company did not disclose Q3 deliveries last week as many expected. The report finally came to light on Tuesday, October 17, in which Lucid said it delivered 1,457 Air Sedans in the third quarter. That figure was significantly below analysts’ expectations of roughly 2,000 vehicles. Quarter-on-quarter, Q3 deliveries were slightly stronger than the 1,404 reported in Q2. When it comes to production, Lucid said it made 1,550 Air Sedans in the third quarter, with “over 700” more being transported to a new facility in Saudi Arabia for the final stages of assembly. Q3 production was notably lower than the 2,173 reported in Q2 and 2,282 a year ago. Analysts cut ratings on Lucid stock Following disappointing Q3 production and delivery figures, analysts at CFRA slashed LCID’s stock rating from ‘Hold’ to ‘Sell’ on Tuesday, and cut its price target from $7 to $4 per share, implying a further downside of about 9% from current levels. The strategists said the numbers Lucid reported are concerning and pointed out that the report lacked comprehensive insights into the…
The post Is Lucid a buy or sale? LCID hits new all-time low appeared on BitcoinEthereumNews.com.
In 2023, Lucid Motors‘ (NASDAQ: LCID) shares seem to be stuck in a relentless downward spiral, with a growing bearish sentiment and a conspicuous absence of positive catalysts. On October 19, the trend persisted as LCID hit a new record low, leaving bulls with little to hold onto. The stock plummeted to $4.32, a fresh all-time low, before slightly recovering to $4.38. Nevertheless, LCID was still down more than 3.3% on the day. LCID hitting a new all-time low on October 19. Source: Finbold Why is Lucid stock tumbling again? The latest downswing comes in the wake of a long-awaited Q3 delivery and production report, which missed Wall Street’s estimates by some distance. At first, the uncertainty around the stock began to grow because the company did not disclose Q3 deliveries last week as many expected. The report finally came to light on Tuesday, October 17, in which Lucid said it delivered 1,457 Air Sedans in the third quarter. That figure was significantly below analysts’ expectations of roughly 2,000 vehicles. Quarter-on-quarter, Q3 deliveries were slightly stronger than the 1,404 reported in Q2. When it comes to production, Lucid said it made 1,550 Air Sedans in the third quarter, with “over 700” more being transported to a new facility in Saudi Arabia for the final stages of assembly. Q3 production was notably lower than the 2,173 reported in Q2 and 2,282 a year ago. Analysts cut ratings on Lucid stock Following disappointing Q3 production and delivery figures, analysts at CFRA slashed LCID’s stock rating from ‘Hold’ to ‘Sell’ on Tuesday, and cut its price target from $7 to $4 per share, implying a further downside of about 9% from current levels. The strategists said the numbers Lucid reported are concerning and pointed out that the report lacked comprehensive insights into the…
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