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Wall Street sets Lucid stock price for the next 12 months

Wall Street sets Lucid stock price for the next 12 months
Elmaz Sabovic

Lucid Group, Inc. (NASDAQ: LCID) shares experienced a dip on Tuesday, November 7, as the EV producer unveiled its Q3 2023 financial results. Underwhelmingly, the company didn’t perform up to Wall Street expectations.

Just moments after the earnings report’s release, LCID experienced a decline, fueled by the Q3 report loss of $630.9 million in the same quarter. This sudden dip continued in the subsequent days, further depreciating Lucid’s stock value.

Lucid also reported a Q3 revenue of $137.8 million, representing a 30% drop year-over-year, and a miss on analyst consensus for revenue, which was $185.1 million for this period.

Since the earnings announcement, LCID’s stock has continued a downtrend and finished trading at $3.76 per share on Thursday, November 9, which comes after a loss -4.94% in the previous 24 hours, losing almost 20% of its value in the past five days.

LCID 7 day price chart  Source: Finbold
LCID 7-day price chart Source: Finbold

LCID has been hitting a new low for the past 52 weeks, indicating a concerning trend. While the S&P500 Index is performing well, trading near its 52-week high, LCID is lagging behind.

Over the last month, LCID has been trading within a broad range of $3.72 to $5.38, and it’s currently close to the lower end of this range. With prices experiencing a notable decline recently, it’s advisable to steer clear of initiating new long positions at this point.

Wall Street’s forecasts for LCID

Although the market’s response to Lucids’ earnings is expected, the company’s Q3 report demonstrated solid fundamentals

Lucid highlights that it successfully manufactured the initial batch of its ultra-luxury Air Sapphire sedans and Air Pure RWD vehicles in the third quarter. The company completed a transaction with Aston Martin to supply its electric powertrain and appointed a Chief Operating Officer.

Lucid also emphasized that the production timeline for its Gravity SUV, scheduled for unveiling on November 16 at the LA Auto Show, remains on course, with production set to commence late next year.

Coupled with news of the adoption of Tesla’s (NASDAQ: TSLA) chargers for its electronic vehicles, spells out the company’s dedication towards becoming a competitive part of the EV industry.

The opinion about this stock is reflected in analysts’ price targets. Notably, Wall Street’s average 12-month price objective for LCID currently stands at $5.19, implying around 38.22% further upside compared to the current share price.

The price target is based on 9 strategists who covered Lucid in the last three months.

Wall Street analysts’ average price target for LCID Source: TipRanks
Wall Street analysts’ average price target for LCID Source: TipRanks

The stock has an average analyst rating of ‘Hold,’ based on just 1 ‘Buy’ recommendation, while 6 advised a ‘Hold,’ and 2 suggested a ‘Sell.’

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