With a challenging year that saw the stock price of Lucid Motors (NASDAQ: LCID) decline 40% and a notably less forgiving electric vehicle (EV) market toward underperforming companies, experts have retained a somewhat reserved attitude towards its price in the next 12 months.
Indeed, the luxury EV maker went through massive layoffs in 2023, reducing its workforce by 18% in March and seeing its chief financial officer (CFO) Sherry House leave abruptly in December, while its full-year production outlook declined over weakening demand.
What’s more, the Nasdaq 100 index threw out the stock, which also witnessed multiple analysts downgrade it because of low interest in its expensive vehicles. At the same time, Robert Schein, Chief Investment Officer at Blanke Schein Wealth Management, advised investors to stay away from LCID.
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Wall Street weighs in on Lucid stock
On the other hand, a group of nine Wall Street analysts has given Lucid stock a ‘hold’ rating based on eight votes, with only one declaring it as a ‘sell’ and no calls for a ‘buy,’ according to the most recent information retrieved by Finbold from TipRanks on January 8.
Meanwhile, they also offered one-year price targets for LCID over the past three months, averaging $5.21, representing an increase of 37.83% from its current state if the forecast ends up correct, with the minimum price projection standing at $2 (-48%) and the maximum target sitting at $7 (+85.19%).
Lucid stock price analysis
As things stand, the current price of Lucid stock amounts to $3.78, which represents a decline of 2.83% on the day, an 11.27% drop across the previous week, adding up to the monthly loss of 14.09%, according to the latest charts on January 8.
All things considered, things are not looking great for LCID at the moment, with both the short-term and the long-term trends pointing to a negative, while the shares are trading near the lower end of their 52-week range and the lows of its quite wide last-month range between $3.76 and $5.31.
On top of that, 91% of other assets in the stock market have performed better than Lucid in the past year. However, LCID has been an average performer in the automobile industry, outperforming 50% of the 39 stocks in the same sector, and it has a healthy average volume of over 33 million traded shares per day.
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