Though the entire electric vehicle (EV) industry has been suffering in the cold grip of the EV winter, few have fallen as low as Lucid Motors (NASDAQ: LCID).
Indeed, despite making several attempts at breaking out and reversing the trend, the luxury manufacturer remains substantially below its old highs, start-of-year prices, and even below its value at the time of the initial public offering (IPO).
Still, the situation was not always so dire and LCID was once considered promising enough that many investors – including the Saudi Arabian Sovereign Wealth Fund – made large investments in the firm.
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At one point, in fact, Lucid boasted an impressive market cap of $145 billion. Finally, with the former glories and the current decline in mind, Finbold decided to take a look at how much the unfortunate investors that bought $1,000 worth of Lucid shares at their peak might have left in April 2024.
$1,000 invested in Lucid stock at its peak is now worth
At its peak in February 2021, Lucid stock was worth $58.05 meaning that $1,000 would have bought approximately 17 shares – 17.22 to be precise. Given that, at press time, LCID stands at $2.45, the three-year-old investment would now be worth just under $42.
This decline means that any unfortunate investor that picked the ATH price as their entry point for Lucid shares would be, in total, 95.83% in the red.
Can Lucid shares recover?
Such a staggering fall from its all-time high might put off any investor from ever betting on Lucid stock but the company might not be entirely doomed.
For starters, the current EV winter is not expected to last forever and an industry-wide recovery would likely send LCID into a rally as well – though it is difficult to gauge just how high it might go.
Additionally, despite the dire straits it is in, Lucid has been putting in the work to expand its business with various schemes and strategic partnerships with the most recent one entailing the development of a 22KW charger network in Europe, and the most notable one – at least in terms of the stock market reaction – involving an agreement with a Saudi Arabian aluminum manufacturer.
Finally, Lucid is also likely to benefit from long-term support from its wealthy owner – the Saudi Arabian Sovereign Wealth Fund – no matter its current dire circumstances.
On the other hand, any recovery, should it come at all, does not appear to be in the cards yet, if insider trades are to be a judge given that the last LCID stock purchase from within the company came in late 2023 – nearly five months ago – with numerous sales taking place in the meantime.
Lucid stock price chart
No matter what the future might hold for Lucid stock, its present is rather dark as, in the long term, the company has done little other than decline. The all-time chart reveals an 89.82% decline since the IPO, while the last 52 weeks – which saw a 69.43% drop – haven’t been much better.
This year, 2024, only brought further decline as LCID shares are down 42.05% year-to-date (YTD). In the more recent time frames, Lucid is also in the red and has, in the last 30 days of trading, fallen 12.55%.
At the latest close, the stock stood at $2.43 after another day of declining, and Lucid stock price today, at press time, is slightly below at $2.42.
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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.
