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In several ways, the 2024 story of the embattled electric vehicle (EV) maker Lucid Motors (NASDAQ: LCID) has been one of a major comeback.  After suffering setback after setback in 2023 – including failing to reach delivery targets due to a decrease in demand, losing several key executives, and getting removed from the Nasdaq 100 index – the company spent much of the last 30 days rising in the stock market. The recovery has largely been driven by a string of programs and partnerships with a Saudi aluminum producer and an American luxury commerce company, as well as by a new and attractive leasing scheme in Saudi Arabia that requires customers to pay only 50% upfront. In the last 30 days, Lucid’s stock rose an impressive 31.10%, and the most recent trend is similarly positive, with the firm surging 6.15% in the last 5 trading days and closing the latest full session 2.20% in the green at $3.71. LCID 30-day price chart. Source: Finbold Still, it can be argued that Lucid’s comeback is impressive only relative to the broader context as the stock hit an all-time low in January and is down 10.80% since the year began and as much as 62.49% since its initial public offering (IPO). Such a shaky performance and an uncertain uptrend begs the question of whether Lucid’s recent surge is but a temporary respite or indeed a glimpse of good things yet to come. Analysts remain cautious about Lucid Whether looking at Lucid’s long-term decline or its short-term surge, it comes as a bit of a surprise that, as of February 20, the average 12-month forecast estimates the firm’s shares will surge 34.77% to $5. The high estimate, which stands at $7 and was assigned by the Baird investment bank, would see the EV maker…

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Filed under: News - @ February 20, 2024 1:12 pm