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ThecoinrepublicStockLCID Stock Price Sheds 23%; Close to...
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LCID Stock Price Sheds 23%; Close to Registering New 52 Weeks Low

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LCID stock price has been constantly steadily over the past few months as it lost 2.20% in a week, 9.95% in a month and 25.52% in a quarter. Market analysts believe bulls were solely responsible for the decline in Lucid stock price. 

Lucid Group, Inc (LCID) Stock Price Analysis 

In the 52 weeks time frame, LCID stock price peaked at $17.81 while its lowest traded price was  $4.87. Lucid Group, Inc has a market capitalization of $12.189 Billion. Market cap of the company declined around 2-3% in 2023. 

At the time of writing, Lucid Group, Inc stock was trading below its annual price target of $7.38. 

LCID Stock Price Sheds 23%; Close to Registering New 52 Weeks Low
Source: LCID stock price chart from TradingView 

The MACD and signal line seem to be intersecting each other in the bears’ region. On October 06th and 09th, bulls showed their dominance over bears but failed to hold LCID stock price on a higher level and a decline of 0.95% & 1.95% was observed beside the buying pressure.

The RSI and RSI-based MA line is moving deeper in bearish territory and analysts believe that a further decline in the LCID stock trading price is expected in coming days. 

The available pre-market states that Lucid Group, Inc. stock is expected to open below its previous closing price. The decline was exacerbated after the company reported its Q2 2023 financial report. 

Lucid Group, Inc (LCID) Financial Updates 

The reported EPS was -$0.40 which is approximately 17.03% less than the estimated EPS. 

The company is expected to release $211.28 Million in revenue and -$0.37 in EPS in the third quarter of 2023. 

In the financial year 2022 reported revenue of the company was $608.18 Million from which its net income was -$1.30 Billion and profit margin was negative 214.49%. 

TradingView data states that the majority of LCID shares are closely held and the remaining 853.807 Million shares are free floating in the market and are available for trading.    

In the long term total liabilities of the company are $2.59 Billion and assets are $2.79 Billion. 

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 Level 

Support Level: $4.87 & $4.00 

Resistance Level: $6.15 & $6.54

Conclusion:

Lucid Group, Inc stock is declining steadily since the start of 2023 as it lost 23.39% of its trading price in the year-to-date time frame. After observing the constant decline, market analysts believe that if bears’ dominance continues over bulls in the coming session, further decline is imminent. At the time of writing, LCID stock price was near its 52 weeks low, so a new 52-weeks low is expected in the coming session.  

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Andrew Smith
Andrew Smith
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
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