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Is Lucid Motors Stock A Buy Right Now After Its Highly Anticipated IPO?
The Lucid Motors IPO debuted on July 26, as Churchill Capital Corp. IV took the luxury electric-vehicle leader public in a highly anticipated IPO. Is Lucid Motors stock a buy right now after the IPO?
Lucid Motors Stock IPO
In February, Churchill Capital IV — a special-purpose acquisition company (SPAC) — announced a deal to take Lucid Motors public, valuing the company at $24 billion. The company is going public "to accelerate into the next phase of our growth," Lucid Motors CEO Peter Rawlinson said.
Lucid Motors stock began trading on July 26 under the ticker symbol LCID on the Nasdaq.
Lucid Motors Stock Fundamental Analysis: The Lucid Air
Lucid Motors is on pace to start delivering its Lucid Air — a high-performance, ultraefficient luxury EV sedan — in late 2021, according to the company. The company expects to roll out its Gravity performance luxury SUV in 2023. The Lucid Air has not yet started production, but has just completed its preproduction phase.
In a slide deck filed with the U.S. Securities and Exchange Commission July 13, Lucid Motors touted more than 10,000 reservations for the Lucid Air, representing $900 million in anticipated sales. It claimed the Air beats the Tesla Model S and Amazon-backed EV startup Rivian's R1T in battery efficiency, which it calls the ultimate measure of EV technology. It also claims the Air beats luxury EVs from Jaguar, Porsche and Audi on that metric.
Lucid touts EV technology it developed in-house. It describes the Lucid Air as the "quickest, longest-range, fastest-charging electric car in the world," delivering 500 miles of range. The Environmental Protection Agency hasn't certified that range yet. The Air also boasts high-end features such as a "glass cockpit." The Lucid Air features an autonomous driving system using 32 sensors, including long-distance Lidar, a safety technology that Tesla long avoided.
The first fully loaded Air will cost around $160,000, including federal subsidies. Cheaper versions will be released, with a $70,000 version expected in 2022, according to the Wall Street Journal.
LCID Stock Technical Analysis
LCID stock is trading more than 65% off its highs, as it fights for support around its long-term 200-day line. Shares could be forming the right side of a deep base, but there is no correct buy point in sight. Keep an eye out for a new base to form, which would offer the stock's next buy point.
According to the IBD Stock Checkup, Lucid Motors stock shows a weak 34 out of a perfect 99 IBD Composite Rating. The Composite Rating helps investors easily measure a stock's fundamental and technical metrics. Weak IBD Composite Ratings are normal for new issues.
Lucid Motors Stock News
On July 23, Lucid Motors shareholders voted to approve the merger of the blank check company.
In mid-July, the company said it had finished its preproduction phase after a series of delays. "The testing and validation of Lucid Air is progressing well," CEO Peter Rawlinson said on the call, according to Bloomberg. "It's on track for the second half of 2021 start of production for customer deliveries."
Is Lucid Motors Stock A Buy Right Now?
LCID stock declined over 3% Monday. On the company's July 27 debut, Lucid shares surged more than 10%, but they have since given up those gains.
Lucid Motors stock is a promising long-term EV stock that is set to start deliveries of its first electric vehicle in late 2021. Shares of Lucid Motors are far from a proper buy point, so the stock is not a buy right now. Keep a close eye on the stock to see if it builds the right side of a deep base, which would offer a new entry.
Dear LCID Stock Fans, There’s Another Catalyst Coming on Sept. 27
LCID stock hasn't skyrocketed, but an upcoming event could change its course
Since its merger with Churchill Capital Corp IV on July 23, Lucid Motors (NASDAQ:LCID) stock has garnered considerable attention. Innovation within the sector has helped raise the profile of electronic vehicle manufacturers and increased public fascination with the progress being made.
These trends, however, have not yielded such positive results for investors. As of this writing, the stock has declined 2.47% on the day. This is in keeping with a recent trend, as LCID stock has fallen by 9.85% over the past five days.
September, however, marks two important deadlines for the company and its investors. Up until this point, company insiders have been blocked from selling shares due to a lock-up provision. These initiatives are common for SPAC mergers, particularly when dealing with early stage companies. As the company stated in the merger announcement,
“All proceeds will be used as growth capital for the company to execute on its strategic and operational initiatives.”
As of Sept. 1, though, this restriction will lift and with the recent patterns of decline, pressure to sell will be strong for those who hold LCID stock. However, this provision only applies to PIPE (private investment in public equity) investors. Other stakeholders face much longer deadlines, typically six or 18 months after receiving their shares, which means waiting until at least the end of 2021.
A Second September Catalyst Looms for LCID Stock
Another important event is coming later in the month. Lucid’s advancements in the area of electronic luxury vehicles have sparked considerable interest in the company. Now, its factory is about to open its doors. Sept. 27 will kick off Production Preview Week at AMP-1, its manufacturing plant, in which guests from media, financial and policy circles will be able to not only to view the company’s manufacturing facilities in Casa Grande, Arizona, but to experience new products firsthand through riding and driving. Guests will also have the opportunity to speak directly with company executives and the engineers behind the technological advancements. These events will last for a calendar week.
While Lucid has not released a manufacturing timeline, these previews will do much to generating extensive coverage of Lucid’s products in development and highlight what the future of transportation could look like. Once they have seen what is behind the factory walls, experts will be able to weigh in and provide context on what these developments will mean for the company, as well as for investors and consumers. With this in mind, investors who are able to sell their LCID stock may want to consider waiting until the end of the month.
The Bottom Line on Lucid Motors
Investors seem keen to sell as soon as they are able, but it could be worth waiting to see what the events of the week of Sept. 27 mean for both the company and for LCID stock.
09/16/2021 | 01:02am EDT
NEWARK, CA - September 16, 2021 -Lucid Group, which is setting new standards with its advanced luxury EVs, today announced that the Lucid Air Dream Edition Range has received an official EPA rating of 520 miles of range.¹ It is the longest-range electric vehicle ever rated by the EPA - delivering at least 100+ miles of additional range over its closest competitor.
One of two distinct versions of the Lucid Air Dream Edition, the Dream Edition Range embodies Lucid's exacting focus on maximizing efficiency, achieving 520 miles of range while still delivering 933 horsepower. It sits alongside the 1,111 horsepower Lucid Air Dream Edition Performance and the 800 horsepower Grand Touring versions, which have also now received their official EPA range ratings.
'I'm delighted that our Lucid Air Dream Edition Range has been officially accredited with a range of 520 miles by the EPA, a number I believe to be a new record for any EV. Crucially, this landmark has been achieved by Lucid's world-leading in-house EV technology, not by simply installing an oversize battery pack,' said Peter Rawlinson, CEO and CTO, Lucid Group. 'Our race-proven 900V battery and BMS technology, our miniaturized drive units, coupled with our Wunderbox technology endow Lucid Air with ultra-high efficiency, enabling it to travel more miles from less battery energy. The next generation EV has truly arrived!'
Supporting the official EPA range ratings, Lucid recently completed a real-world first drive with Motor Trend featuring a pair of Dream Edition Range cars. A Motor Trend journalist and Lucid's CEO drove separate cars from Los Angeles to San Francisco at highway speeds and then across the San Francisco Bay to Lucid's global headquarters, all without stopping to charge and with plenty of range remaining on each vehicle. This range run further supports the EPA's laboratory-based range estimates and showcases the real-world capability to drive over 500 miles on a single charge.
Several other versions of Lucid Air have also received their official EPA range ratings, including the Dream Edition Performance and Grand Touring versions on both 19' and 21' wheels. Taken as a whole, these Lucid Air models now occupy the top six positions for overall EPA range ratings among all EVs, as well as the highest MPGe ratings in the Large vehicle class. The official EPA ratings are available at www.fueleconomy.gov.
¹ EPA estimated ranges are meant to be a general guideline for consumers when comparing vehicles.
About Lucid Group
Lucid's mission is to inspire the adoption of sustainable energy by creating the most captivating electric vehicles, centered around the human experience. The company's first car, Lucid Air, is a state-of-the-art luxury sedan with a California-inspired design underpinned by race-proven technology. Lucid Air features a luxurious full-size interior space in a mid-size exterior footprint. Customer deliveries of Lucid Air, which is produced at Lucid's new factory in Casa Grande, Arizona, are planned to begin this year.
For the filing period ended June 30, 2021, Philippe Laffont's Coatue Management increased its position in Lucid Group, Inc. by 292% to 3,526,049 shares. At the end of June, Coatue Management's position in Lucid made up around 0.39% of the fund's 13F equity portfolio.
Lucid Motors (LCID) shares rallied on Thursday after a bullish analyst note and confirmation from the Environmental Protection Agency (EPA) that the EV maker's premium car has a higher mile range than Tesla's model S (TSLA).
Lucid's Dream Air edition vehicle received an EPA rated range of 520 miles. That's about 100 miles more than Tesla's model S Long Range.
The EV maker's CEO and CTO Peter Rawlinson has said in previous interviews that Lucid's car could go farther on one full battery charge than Tesla's vehicle. Now it has the EPA's official rating to prove it.
Also on Thursday the stock received a bullish outlook from Bank of America analyst John Murphy, who set a $30 price target on the stock.
"I think it's somewhat somewhere between a combination of Tesla and Ferrari," Murphy told Yahoo Finance Live on Thursday.
Murphy points to Rawlinson, who was chief engineer at Tesla for the model S prior to joining Lucid in 2013. "They've got the combination of some real good know-how from the chief engineer of the model S at Tesla — great technology. And then a focus on the powertrain tech as well as the luxury market," said Murphy.
The analyst points to Lucid's plan to roll out its high-end vehicles with luxury price tags first. Releasing the priciest models first is similar to Tesla's early strategy.
The upgrade is a stark contrast to Morgan Stanley’s recent initiation of the stock. Earlier this week, analyst Adam Jonas recommended an Underweight rating and price target of $12 per share.
Lucid went public on July 26 via a SPAC merger with Churchill Capital IV. That day LCID closed at $26.83.
The EV maker placed its first US production factory in Casa Grande, Arizona. The company aims to meet its goals this year for two versions of its most expensive vehicle, the Air Dream Edition.
On June 26, Lucid opened a showroom in New York City's trendy meat packing district, just blocks away from Tesla's showroom.