What's Going On With Lucid Group Stock?
Portfolio Pulse from Erica Kollmann
Lucid Group, Inc. (NASDAQ:LCID) stock is trading lower, down nearly 20% over the past five days. The company is recalling over 2,000 Lucid Air sedans due to potentially faulty high voltage coolant heaters, which could increase the risk of a crash. Lucid produced 2,391 vehicles and delivered 1,734 in Q4, with full-year figures at 8,428 produced and 6,001 delivered. Lucid will announce Q4 2023 financial results on Feb. 21, with an expected loss of 30 cents per share and revenue of $192.629 million. LCID shares are currently down 7.2% at $3.02.
January 12, 2024 | 5:49 pm
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NEGATIVE IMPACT
Lucid Group's stock is trading lower due to a recall affecting over 2,000 vehicles and anticipation of Q4 financial results with an expected loss. The recall may negatively impact investor sentiment and brand reputation in the short term.
The recall of Lucid Air sedans due to a safety issue is a significant negative event that can affect consumer trust and investor confidence, likely leading to a short-term negative impact on the stock price. The upcoming earnings report with an expected loss per share further contributes to potential bearish sentiment. The recent 20% drop over five days indicates a strong negative market reaction to these developments.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100