2024-07-25 06:53:00 ET
Lucid Group (NASDAQ: LCID) has taken its investors on a wild ride since its public debut three years ago. The luxury electric vehicle maker's stock opened at $25.24 after it went public by merging with a special purpose acquisition company (SPAC), and its stock more than doubled to a record high of $55.52 just four months later.
At the time, investors were impressed by three things: It was led by Tesla 's (NASDAQ: TSLA) former chief vehicle engineer, Peter Rawlinson; it was on track to deliver its first vehicles, and it set some ambitious long-term growth targets.
But today, Lucid trades at less than $4. Its stock tumbled as the company missed its own delivery targets, delayed its new vehicles, and racked up more losses. So, should contrarian investors buy this beaten-down electric vehicle (EV) stock as a turnaround play?
For further details see:
Should You Buy Lucid Stock While It's Below $4?