LCID Stock News: Lucid Group Inc rebounds from three-week lows, bottom in place?

Update October 13: NASDAQ: LCID staged a decent comeback from three-week lows of $22.66, bucking the overall downbeat market tone on Wall Street. Stagflation fears weighed on the investors’ appetite for riskier assets such as the US equities while they looked forward to the Q3 earnings seasons. LCID shares derived support from news that Tesla reported it delivered around 56,000 units to China, totaling 133,000 vehicles in the third quarter of the year. The stock price ended 0.83% higher on Tuesday at $23.06.

NASDAQ:LCID started the week off on the back foot as the electric vehicle maker extended its recent slide from last week. Shares of LCID fell by 1.55% on Monday to close the first trading session of the week at $22.87. The stock is fast approaching its key 200-day moving average, and a move lower would mark a short-term bearish downtrend. Lucid lagged the broader markets on Monday as all three major indices closed the day in the red. Electric vehicle stocks were trading mostly lower as Nio (NYSE:NIO), XPeng (NYSE:XPEV), and Li Auto (NASDAQ:LI) all backtracked, while Tesla (NASDAQ:TSLA) and Fisker (NYSE:FSR) were among EV stocks that gained.

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Lucid announced a $21 million stock buyback plan from insiders on Monday, that will see 857,825 of its shares repurchased. A majority of these are from insiders such as CEO Peter Rawlinson, and other high-ranking executives from within the company. The shares will be repurchased at a price of $24.15 per share, which of course is slightly higher than the closing price of the stock during Monday’s session.

LCID stock price forecast 

In other EV news, Lucid’s chief rival Tesla is set to report its key deliveries for the Chinese market on Tuesday. China is the largest automotive market in the world, and Tesla is anticipating a generous bump in Model Y sales in the most recent quarter. Tesla recently held its annual shareholder meeting from its GigaFactory in Austin, Texas, and the EV industry leader is also set to report its third quarter earnings report on October 20th next week.

Previous updates

Update: NASDAQ:LCID added 0.19% on Tuesday to settle at $23.06 per share after Tesla reported it delivered around 56,000 units to China, totalling 133,000 vehicles in the thrid quarter of the year. The advance seems tepid, but given the poor performance of Wall Street, it could be taken as a good one. US indexes seesawed between gains and losses, ending the day little changed around their opening levels, as market players struggled with Chinese woes and an overall deceleration in global growth. The NASDAQ Composite managed to add 28 points or 0.20%.