Lucid Stock Has Been Soaring This Week. Will It Keep Going?
Lucid Group's (NASDAQ: LCID) electric vehicle (EV) sales may be struggling, but its stock took off like a rocket this week. Shares soared close to 40% -- and without any major news. As of Friday morning trading, the stock was still 24% above where it closed last week, according to data provided by S&P Global Market Intelligence.
Yet Lucid shares are still down by more than 70% over the last year. And that's part of what likely caused investors to drive them higher this week.
Simply put, Lucid stock has cratered over the last year because it isn't selling enough cars. It delivered a total of just 6,000 vehicles in 2023. Consider that in November 2021 the company wrote in an investor update, "We remain confident in our ability to achieve 20,000 units in 2022." So its progress has been very disappointing to investors.
Source Fool.com
