Lucid Group Stock Price: LCID (formerly CCIV) struggles as Tesla woes affect sector
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UNLOCK OFFER- Lucid Group (LCID) trades lower on Monday by nearly 3%.
- Tesla stock is a heavy faller on Monday, down over 4%.
- LCID shares retreat to the bottom of the trend channel.
Lucid Group (NASDAQ: LCID), formerly CCIV, fell over 2% on Monday as the sector leader Tesla saw some serious headwinds hit the stock. Where Tesla goes others in the sector tend to follow, and so it proved with LCID shares dropping to close at $22.83. Reuters reported on Monday that "U.S. auto safety regulators on Monday opened a formal safety probe into Tesla's driver assistance system Autopilot after a series of crashes involving Tesla models and emergency vehicles."
The National Highway Traffic Safety Administration (NHTSA) said it had identified 11 crashes since January 2018 in which Teslas "have encountered first responder scenes and subsequently struck one or more vehicles involved with those scenes." Further news on Tuesday adds to the headwinds with Reuters reporting that "Five children and an adult were taken to hospital with injuries after a Tesla Model 3 crashed in a school car park in southern England on Monday, the Telegraph newspaper said." Shares in Tesla are down 1.6% in Tuesday's premarket near $675. Lucid Group is trading at $22.43 in Tuesday's premarket, a loss of $1.8%.
Lucid Group key statistics
| Market Cap | $38 billion |
| Enterprise Value | $6 billion |
| Price/Earnings (P/E) | |
|
Price/Book |
3.26 |
| Price/Sales | |
| Gross Margin | |
| Net Margin | |
| EBITDA | -$5.733 million |
| 52 week high | $64.86 |
| 52 week low | $9.60 |
| Average Wall Street rating and price target |
|
LCID stock forecast
The uptrend in place since the middle of April is now being tested with yesterday's move to the bottom of the channel likely to see follow-up on Tuesday due to more Tesla news. Given that CCIV or LCID is a new listing, the 200-day moving average is not yet really fully formed, but this does come into play at $21.12. The key support levels to watch out for are the $20.90 low from July and the $17.25 low from May. Below $17.25 the move could accelerate as volume dries up quite a lot. $20.90 is the key level as breaking that results in the uptrend ending, creating a lower low.
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- Lucid Group (LCID) trades lower on Monday by nearly 3%.
- Tesla stock is a heavy faller on Monday, down over 4%.
- LCID shares retreat to the bottom of the trend channel.
Lucid Group (NASDAQ: LCID), formerly CCIV, fell over 2% on Monday as the sector leader Tesla saw some serious headwinds hit the stock. Where Tesla goes others in the sector tend to follow, and so it proved with LCID shares dropping to close at $22.83. Reuters reported on Monday that "U.S. auto safety regulators on Monday opened a formal safety probe into Tesla's driver assistance system Autopilot after a series of crashes involving Tesla models and emergency vehicles."
The National Highway Traffic Safety Administration (NHTSA) said it had identified 11 crashes since January 2018 in which Teslas "have encountered first responder scenes and subsequently struck one or more vehicles involved with those scenes." Further news on Tuesday adds to the headwinds with Reuters reporting that "Five children and an adult were taken to hospital with injuries after a Tesla Model 3 crashed in a school car park in southern England on Monday, the Telegraph newspaper said." Shares in Tesla are down 1.6% in Tuesday's premarket near $675. Lucid Group is trading at $22.43 in Tuesday's premarket, a loss of $1.8%.
Lucid Group key statistics
| Market Cap | $38 billion |
| Enterprise Value | $6 billion |
| Price/Earnings (P/E) | |
|
Price/Book |
3.26 |
| Price/Sales | |
| Gross Margin | |
| Net Margin | |
| EBITDA | -$5.733 million |
| 52 week high | $64.86 |
| 52 week low | $9.60 |
| Average Wall Street rating and price target |
|
LCID stock forecast
The uptrend in place since the middle of April is now being tested with yesterday's move to the bottom of the channel likely to see follow-up on Tuesday due to more Tesla news. Given that CCIV or LCID is a new listing, the 200-day moving average is not yet really fully formed, but this does come into play at $21.12. The key support levels to watch out for are the $20.90 low from July and the $17.25 low from May. Below $17.25 the move could accelerate as volume dries up quite a lot. $20.90 is the key level as breaking that results in the uptrend ending, creating a lower low.
Like this article? Help us with some feedback by answering this survey:
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