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​​Is Lucid (LCID) stock a buy now?

​​Is Lucid (LCID) stock a buy now?
Jordan Major

Examining Lucid Motor’s (NASDAQ: LCID) recent performance, after a significant drop in February, the stock seems to have leveled out just under the $8 per share mark. However, before jumping into buying LCID stock at this time, investors need to exercise caution.

Even if the market has already factored in the firm’s most recent batch of bad news, it is still impossible to assume that Lucid will make a speedy turnaround in its fortunes despite the stock being up +$1.70 (27.55%) year-to-date.

After a slight uptick in late January/early February due to takeover rumors, Lucid’s price has fallen back to abysmal levels due to a fresh series of negative news. It is down -$1.16 (-12.85%) in the past five trading days. 

LCID year-to-date chart: Source: Finbold

While the company still has certain competitive advantages over other new electric vehicle (EV) manufacturers, it does not seem that it will make substantial advancements in any aspect of its operational performance in the near future.

It is likely Lucid will not see considerable upward momentum unless evidence suggests the firm is successfully resolving its production-related problems and experiencing a rise in buyer demand.

LCID stock technical analysis 

Nevertheless, Wall Street analysts have given the EV a consensus ‘buy’ rating from 10 analysts based on its performance over the past three months. In total, four experts advocated for a ‘strong buy,’ 5 for a ‘hold,’ and 1 was a ‘strong sell.’

Wall Street LCID one-year price prediction: Source: TradingView

The average price forecast for the next year is $10.69; the target indicates a 35.8% upside, while the highest price target over the next year is $16, +103% from its current price.

Meanwhile, LCID’s technical indicators on TradingView‘s one-day gauges are bearish, with the summary aligning with a ‘sell’ sentiment at 15, while moving averages are for a ‘strong sell’ at 14. Oscillators are pointing at ‘neutral’ with 8. 

Wall Street LCID one-day gauges: Source: TradingView

Interestingly, the artificial intelligence (AI) tool ChatGPT sees improvement for the electric vehicle producer’s stock by the end of the decade. Indeed, regarding specific numbers, ChatGPT predicts a $300-$400 range by 2030.

Lucid demand

Even while bottlenecks in the supply chain are being resolved, it is apparent that the firm is still having trouble scaling up production. After delivering just 7,180 cars in 2022, Lucid only plans on manufacturing between 10,000 and 14,000 vehicles this year. 

Regarding the level of demand, the situation is much more precarious. Since August, the total reservations for Lucid Air have decreased from 37,000 to 28,000, and the firm has ceased releasing future updates with this metric.

Despite this, Lucid has a significant advantage over other struggling electric vehicle (EV) companies due to the strong support it receives from Saudi Arabia, both in the form of investment cash (through the Public Investment Fund, or PIF), as well as from a 100,000 car order placed by the Saudi government.

Unless more tangible indicators emerge that the firm is fixing its production challenges, investors will have to use buyer demand and analyst price expectations as proxies for the stock’s future performance.

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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. 

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