LCID Stock News: Lucid Group Inc sinks during another choppy start to the week

NASDAQ: LCID has hardly been a smooth ride for its shareholders, but its recent performance has provided some hope of a turnaround. On Monday, shares of Lucid dipped by 0.62% and closed the trading session at $41.72. It was another choppy start to the week as the broader markets opened the session in the red but managed to claw back most of the losses by the closing bell. The Dow Jones dropped 162 basis points after being down more than 400 during intraday trading. The NASDAQ managed to eke out a small gain, adding 0.05%, while the S&P 500 traded mostly flat but finished the day lower by 0.14%. 

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Lucid investors should mark January 19th on their calendars as this is the date set for the IPO lockup expiry. This means that as of that date, insiders can begin selling their shares which are usually locked up for six months following a company’s IPO. Lucid shareholders may remember an earlier lockup expiration for investors in the pre-SPAC $2.5 billion PIPE. It is important to note that Lucid’s stock fell by 22% in the week prior to the September 1st lockup expiry date. We could see some rough waters ahead in the week leading up to January 19th. 

Lucid Motors stock forecast 

On the bright side, the lockup expiry is really only a temporary speed bump. In fact, the largest shareholder of Lucid is the sovereign wealth fund of Saudi Arabia and it has made no indication that it will be sharing any of its 1.65 billion shares. Speaking of Saudi Arabia, Lucid reported last week that it envisions the Kingdom to be the second largest market after the US. The company also confirmed it would be expanding into Europe by the end of 2022.

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