On September 27, luxury electric vehicle maker Lucid Motors (NASDAQ: LCID) announced the opening of its first-ever car manufacturing facility in Saudi Arabia. The company intends to produce 5,000 lucid vehicles per year, and once the facility is fully operational, this figure could rise to 155,000 electric vehicles per year.
Lucid’s stock has struggled this year due to a dip in its Q2 production. The stock has fallen 13% this year, significantly underperforming the S&P 500‘s 10% gain.
In its recent second quarter, Lucid saw a drastic jump of 55% in revenue to $151 million. It, however, recorded a net loss of $764 million compared to $220 million in the year-ago quarter.
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Investors were disheartened by the underwhelming performance of Lucid stock in 2023. Nevertheless, the announcement of a new unit in Saudi Arabia has ignited optimism about a potential turnaround for the automotive manufacturer. In response, Finbold has employed advanced AI algorithms to forecast its future price, recognizing the heightened interest among traders seeking insights into its prospective value.
Based on quantitative analysis using the AI algorithms of CoinCodex, we retrieved a projected price for Lucid’s stock on October 4, which stands at $7.72 for the end of 2023.
In the near term, the projections show a trade value of $6.98 one month from today. It also reveals a drastic jump to $13.57 in one year.
LUCID technical analysis
Turning to the technical aspects, LUCID’s stock chart reveals a current sentiment that leans toward the bearish end of the spectrum.
Lucid’s stock has experienced significant price volatility over the last 30 days, with gains occurring only 12 out of the 30 days. Notably, the stock is currently trading 60% below the CoinCodex forecast for the year, presenting a buying opportunity.
CoinCodex forecasts stock price changes for the next 30 days based on the last 30 days’ positive and negative trends. According to the current price trend, the stock could rise by 34% on October 4 and 24.8% in the next seven days.
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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
