LCID Stock News: Lucid Group Inc falls to close the week ahead of earnings call

NASDAQ:LCID fell by 2.33% during Friday’s trading session.
Lucid is set to report its third-quarter earnings report on Monday.
Elon Musk sells more Tesla shares and the stock tumbles into the weekend.

Stocks Reporter FXStreet

NASDAQ:LCID is hitting all of the right notes on the public relations side of things, but now it has to deliver on the financial side as well. On Friday, shares of LCID fell by 2.33% and closed the trading week at $43.93. Lucid has had a rollercoaster of a week but the stock has still managed to stay positive, gaining just under 1% over the past five trading days. On Friday, all three major indices closed higher, as the NASDAQ continued to rebound from its 1.66% loss on Wednesday.

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Perhaps it was an ominous sign for Lucid as the stock took a turn lower on the last day before its quarterly earnings report on Monday. The focus of the call will be the new vehicle deliveries of course, and it has been suggested that a new fleet will be making their way to customers this weekend. Lucid investors will be awaiting a more concrete forecast for 2022, as the EV maker begins to ramp up its productions. Don’t expect any positive financial figures in the near future though, as the company continues to burn through cash in this early growth stage.

LUCID motors stock forecast

It was the worst week for Lucid rival Tesla (NASDAQ:TSLA) in nearly two years as the stock fell a further 2.83% on Friday. Overall, shares of Tesla fell by 10% this week, primarily due to the fact that CEO Elon Musk sold off a significant stake of his stock. To be fair, Musk still owns over 167 million shares of Tesla, so this was really just a drop in the bucket. Tesla’s pullback may be due to the fact that the stock was reaching overbought territory after its recent month-long rally.

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