At times, it may appear that the only thing holding the struggling electric vehicle (EV) maker Lucid Motors (NASDAQ: LCID) is the 60% ownership stake Saudi Arabia’s Public Investment Fund (PIF) maintains.
Indeed, once heralded as the next Tesla (NASDAQ: TSLA), Lucid has done little more than decline in the stock market and vastly underperform compared to its original delivery targets over the years.
Nonetheless, the company is not bereft of its backers nor of its potential, and it may be precisely for that reason that it, as of September 18, 2024, continues boasting a resounding ‘hold’ rating, per the data retrieved from the stock analysis platform TipRanks.
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Experts set Lucid stock price target
Nonetheless, despite only 2 out of the 10 experts represented on the platform recommending selling the stock, the outlook for the upcoming 12 months does not appear particularly optimistic.
LCID shares not only lack any ‘buy’ ratings, but the overall price target for the stock stands at just $2.94 – 20.65% below Lucid stock’s price today, at press time, of $3.77.
At the surface level, recent stock rating and price target revisions do not appear hopeful for the EV maker either.
On September 3, Cantor Fitzgerald reiterated its ‘hold’ rating and the associated $4 price target. Just under a week later, experts at Baird confirmed the same rating but with a low forecast of $3.
Bank of America (NYSE: BAC) took a similar approach on September 11 and set its sights at $3.55 for LCID shares. On the same day, RBC Capital reiterated a ‘hold’ rating and a $3 price target.
One day later, Stifel Nicholaus provided the same ‘neutral’ assessment but with a slightly higher $4 price target.
Experts see some hope for Lucid’s future
Elsewhere, however, there is some silver lining for Lucid stock.
For example, despite discussing the firm’s profitability issues, Bank of America’s rating revision was optimistic about the EV maker’s technological developments and potential financial and cost benefits.
Similarly, Baird was also positive about Lucid’s technology and potential licensing agreements while noting the firm’s delivery growth.
Indeed, in July, Lucid reported it had shipped more than 2,300 vehicles throughout the second quarter – nearly 400 more than in the previous trimester and hopes for future growth are bolstered by the upcoming Gravity model.
On the other hand, the EV maker was again positioned as a potential long-term winner with an arduous road to profitability.
Is there some hope for Lucid stock?
Some of the hopes expressed by the various experts may have started coming to fruition in mid-September 2024.
For example, September 17 reports indicate a new and ambitious plan for EV production in Saudi Arabia was unveiled, and the PIF-supported Lucid is expected to take the leading role.
The new export goal is part of an initiative to turn approimatelly 30% of all cars on the street of Riyadh electric by 2030, and to cut the emissions in the Kingdom’s capital by 50% by 2060.
September 18 saw the announcement of a new technology-focused partnership between Lucid and Canada’s taq Automotive Intelligence and on the same day, the EV maker added a new regional office in Amsterdam, the Netherlands, to serve the company’s customers in Europe.
Technical analysis offers a hint at Lucid stock’s next move
Elsewhere, technical analysis (TA) retrieved from the stock analysis network and platform, TradingView tells a similar story. Oscillators and moving averages vary wildly depending on the time frame they are based on.
For example, there is a slight bullish leaning when the last one and five sessions are analyzed, but the readings become decisively bearish if the previous 30 days are assessed.
Lucid stock price chart
The uncertainty with a common bearish tint is, perhaps, not surprising. Since 2024 started, multiple LCID stock rallies proved short-lived and have resulted in Lucid’s shares being 10.24% in the red in the year-to-date chart.
Such a decline becomes particularly pointed when seen as the continuation of the EV maker’s 84.51% all-time drop to a price of merely $3.77.
Still, the silver lining becomes apparent in shorter and intermediate time frames. Lucid stock is 13.08% up in the last 30 days of trading and 33.82% in the 6-month price chart.
Such bias towards more recent gains indicates that Lucid has, at least by press time, been able to hold on to, at least by press time, some of its stock market gains.
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