LCID Rose 3.86% Weekly; Will the Surge Stop?
LCID stock surged over 3.50% in the weekly time frame, and at the time of writing, it was trading at $5.38 with an intraday trading volume of 18.24 Million.
LCID Stock Price Analysis
Despite an intraday surge, Lucid Group Inc. stock lost 14.47% of its trading value and slipped 27.04% in a quarter.
The annual price target of LCID share is $7.38; the target is 37.08% greater than its press time trading price. In the 52-week time frame, LCID share price peaked at $17.81 while the lowest traded price was $4.97.
The MACD and signal lines intersect below the zero line in the negative territory. Lucid Group, Inc. has a market capitalization of $12.281 Billion.
As per the histogram, a reversal in LCID stock chart is expected by the end of this week. On August 07, 2023, the company released its Q2 2023 financial results, according to which it failed to meet the analysts’ expectations for the quarter.
Despite negative revenue, a trading price surge was seen in the August 8 trading session. TradingView data states that 853.807 Million LCID shares are free-floating, and over 62% of shares are closely held.
Lucid Group, Inc (LCID) Financial Updates
In Q2 2023, Lucid Group Inc. failed to meet analyst expectations and reported 16.91% less revenue than estimated. The estimated revenue for the quarter was $181.58 Million.
However, the reported EPS declined approximately 17.03%. The estimated EPS of the company was negative $0.34. The estimated revenue for the upcoming quarter is $211.28 Million, and EPS is negative $0.37.
Similarly, in 2022, Lucid Group Inc. reported 8.78% less revenue than the estimated $666.71 Million. The company’s reported revenue net income was negative $1.30 Billion, and the profit margin was negative 214.49%.
Lucid Group, Inc. manufactures electric vehicles. It designs, develops, and builds energy storage systems for electric vehicles and supplies automakers with the battery pack system needed to power hybrid, plug-in, and electric vehicles.
Technical Levels
Support Level: $4.97 & $4.40
Resistance Level: $6.15 & $6.44
Conclusion:
In the past week, LCID stock price has been recovering slowly as its price surged over 3.50% in a week. The MACD and signal lines are in negative territory, and their histogram suggests a short-term bounce in the coming sessions. Moreover, market analysts have diverse opinions on LCID stock and claim that it will open its previous closing and that the price will continue to fall.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
