BUZZ-Lucid dips; EV maker announces effective date of reverse stock split
Shares of Lucid Motors (LCID) fell 2.4% to $2.04 premarket after announcing a 1-for-10 reverse stock split effective August 29. This will reduce outstanding shares from approximately 3.07 billion to about 307.3 million, with trading on a split-adjusted basis starting September 2. The company aims to make its stock more appealing to investors. Lucid recently lowered its annual production forecast and missed quarterly revenue estimates, leading to a 31% year-to-date decline in shares. Of 16 analysts, 1 rates it 'buy', 11 'hold', and 4 'sell', with a median price target of $2.20.
Shares of electric-vehicle maker Lucid (LCID.O) down 2.4% premarket to $2.04 after it says 1-for-10 reverse stock split expected to be effective next Fri, Aug 29, after the bell Co says every 10 shares will automatically reclassify into 1 share, thereby reducing number of outstanding shares from approx 3.07 bln to about 307.3 mln
Stock expected to begin trading on split-adjusted basis at market open on Sept 2 under same ticker “LCID”, it says Last month, co announced proposed reverse split saying it believes it will allow the stock to be “more attractive to a broader range of investors and other market participants” On Jul 17, LCID shares soared 36% to close at $3.12 after $300 mln investment by Uber (UBER.N) unveiled as part of robotaxi deal Earlier this month, Lucid lowered its annual production forecast and missed Wall Street estimates for qtrly rev as co navigates an uncertain time for the industry and tariffs
Through Thurs close, LCID shares had lost 31% YTD
Of 16 analysts covering LCID, 1 rates “buy”, 11 rate “hold” and 4 recommend “sell”; median PT is $2.20, per LSEG data (Lance Tupper is a Reuters market analyst. The views expressed are his own)
