Though Lucid (NASDAQ: LCID) had arguably kickstarted the U.S. stock market recovery for numerous electric vehicle (EV) companies with an impressive 27% 1-day rally in late January, its shares were also among the first to lose momentum.
Indeed, Lucid Motors’ stock has been struggling both within 2024 and beyond amidst increased competition, decreased demand – and seemingly failed attempts to boost sales – and fears of a massive recall over faulty components.
Still, not only is Lucid not only the worst-performing EV maker in 2024 – with Rivian (NASDAQ: RIVN) stock declining far more significantly in recent months – but analysts have largely been staying bullish when it comes to LCID’s prospects despite it hitting a new all-time low in January, and losing its CFO and falling off the Nasdaq 100 index in late 2023.
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Experts set LCID 12-month price target
The latest summary of experts’ price targets for Lucid Motors stock shows that the long string of setbacks the company has been facing has finally left an impression.
The company’s overall rating, as well as its average and highest price targets, have drastically decreased compared to the data from just two weeks ago – February 20.
LCID is, overall, expected to stand at $3.94 in 12 months’ time – 22.74% above its latest close at $3.21 – once the ratings of 9 experts represented on the stock analysis platform TipRanks are tallied.
The highest analysts expect the EV maker’s shares to rise in a year is $6 and some estimate it might fall as low as $1 in the same time frame.
Lucid’s overall grade has also fallen from a “hold” to a “moderate sell,” with no analysts believing the stock to be a “buy,” 6 being neutral, and 3 recommending investors sell the shares.
LCID stock price chart
The recent downgrade of Lucid Motors’ overall rating hardly comes as a surprise, given its performance in the stock market.
In the last 52 weeks, LCID stock fell 63.61%, and the first two months of 2024 hint that the downtrend might continue as the EV maker’s shares are 22.65% in the red.
While Lucid gave a promise of recovery with its late January rise, the renewed hope has since been lost, with the shares dropping 0.31% in the last 30 days. Oddly enough, LCID dropped just as much – 0.31% – in the latest 7 days.
Finally, Lucid closed 3.60% in the red on Monday, March 4, with the 1-day performance being very much in line with the long-term trend that saw LCID decline 67.54% since its initial public offering (IPO) to $3.21.
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