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ChatGPT-4o sets Lucid price if meme stock frenzy hits LCID

ChatGPT-4o sets Lucid price if meme stock frenzy hits LCID
Paul L.

The stock price of premium electric vehicle (EV) manufacturer Lucid (NASDAQ: LCID) has generally been disappointing throughout 2024. 

Lucid Motors stock price has failed to capitalize on the recent market rally as the company faces challenges in keeping up with competitors like Tesla (NASDAQ: TSLA).

Indeed, in 2024, LCID stock price has dropped by over 35%, failing to sustain the price above the yearly high of $4.15. By the last close of markets on June 12, Lucid was trading at $2.68.

Lucid YTD stock price chart. Source: Finbold

In the meantime, as LCID shares struggle, the equity has found grounds for speculation, possibly taking the route of meme stocks such as GameStop (NYSE: GME). 

Overall, the stock presents a short-term trading opportunity that could appeal to speculators. As of June 13, Lucid’s short interest was 28.31%.

Lucid stock short interest interest. Source: Fintel

Lucid stock price prediction 

Given the fact that more than a quarter of Lucid shares are now shorted,Finbold turned to OpenAI’s latest and most advanced artificial intelligence (AI) tool, ChatGPT-4o, to gather insights into how Lucid Group stock will trade if a short squeeze impacts the stock.

The tool acknowledged that meme stocks could defy traditional financial metrics driven by social media hype and retail investor coordination, citing GameStop as an example.

Besides the short interest in the stock, ChatGPT-4o pointed out that LCID could be impacted by extensive media coverage, which can further fuel the frenzy, and the overall state of the market, which can amplify or dampen these effects.

ChaGPT-4o suggested that if Lucid were swept up in a meme stock frenzy, its price could increase multiple times. The AI platform projected two potential scenarios for such a trading event: a 10x increase would place the stock price at approximately $26.40, while a 20x increase could push the stock price to around $52.80.

Lucid stock price prediction. Source: ChatGPT-4o

On the other hand, Finbold also reviewed the projections of Wall Street analysts at TipRanks. The eight analysts offered 12-month price targets for Lucid, with an average price target set at $3.16, a high forecast of $4, and a low estimate of $2.90. The average price target represents a 19.47% increase from the current price.

Lucid 12-month stock price prediction. Source: TipRanks

Lucid fundamentals

Although LCID stock has predominantly traded in the red for the better part of 2024, the equity might improve if interest in EVs picks up. A general slowdown has hampered most companies in the sector, but a recovery could spur investor interest in the stock.

Notably, the stock will rely on other underlying fundamentals, such as its strong product proposition. Lucid Motors has a reasonably good offering, with the Lucid Air boasting the second-highest energy efficiency among currently available models.

Additionally, tech-sharing partnerships will likely prove beneficial in the future. For instance, luxury carmaker Aston Martin partnered with Lucid to purchase electric motors and batteries, lending credence to Lucid Motors’ claim of offering a world-class product.

Moreover, Lucid has started assembling cars in Saudi Arabia, which has the option to order up to 100,000 cars from the company. The oil-rich nation’s sovereign wealth fund is Lucid Motors’ biggest stockholder and should help propel its deliveries.

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Paul L.

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