Lucid Stock To Tumble Further To $3? Bearish Analyst Makes Dire Prediction After Q3 Deliveries Miss
Portfolio Pulse from Shanthi Rexaline
Lucid Group's Q3 deliveries missed expectations, leading to a 5% drop in its stock. The company delivered 1,457 EVs in Q3, below the consensus of 2,118. Year-to-date, Lucid has produced 6,037 units. The company has guided to production of over 10,000 units for the year, leaving a target of 3,263 units for Q4. Analyst Gary Black predicts further reduction in Lucid's 2023 production and expects the stock to fall to around $3. Lucid shares are down about 27% year-to-date.
October 18, 2023 | 7:45 am
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NEUTRAL IMPACT
Lucid shares are down about 27% year-to-date compared to a more modest 4.5% decline by the KraneShares Electric Vehicles and Future Mobility Index ETF.
The news mentions the performance of the KraneShares Electric Vehicles and Future Mobility Index ETF in comparison to Lucid's shares. However, the news does not provide any specific information that could impact the ETF's price.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEGATIVE IMPACT
Lucid Group's Q3 deliveries missed expectations, leading to a 5% drop in its stock. Analyst Gary Black predicts further reduction in Lucid's 2023 production and expects the stock to fall to $3.
The missed Q3 deliveries and the prediction of further reduction in 2023 production by analyst Gary Black are negative news that could lead to a decrease in Lucid's stock price.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100