What's Going On With Lucid Group Stock?

Lucid Group, Inc. LCID shares are trading higher Thursday, up more than 13% over the past five days.

Lucid's CEO Peter Rawlinson appeared in a Bloomberg TV interview Thursday and said the EV market is "looking up." He highlighted Lucid's recently announced record second-quarter delivery numbers on the back of the company's previous vehicle delivery record set in the first quarter. Rawlinson also confirmed that production of the Lucid Air SUV is on target to begin near the end of 2024.

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The CEO highlighted Lucid’s relationship with the Saudi Arabia Public Investment Fund as the “perfect long-term partner” with a shared vision and common goals. Rawlinson also said the company is "always interested" in potential partnerships and licensing deals, like the recently announced partnership between Rivian Automotive and Volkswagen. 

According to data from Benzinga Pro, Lucid shares are climbing on heavy trading volume Thursday and are trading above the stock’s 50-day moving average of $2.75.  

Should I Sell My LCID Stock?

Whether to sell or hold a stock largely depends on an investor's strategy and risk tolerance. Swing traders may sell an outperforming stock to lock in a capital gain, while long-term investors might ride out the turbulence in anticipation of further share price growth.

Similarly, traders willing to minimize losses may sell a stock that falls a certain percentage, while long-term investors may see this as an opportunity to buy more shares at a discounted price.

Shares of Lucid Group have lost 53.16% year to date. This compares to the average annual return of -51.05%, meaning the stock has underperformed its historical averages. Investors can compare a stock's movement to its historical performance to gauge whether this is a normal movement or a potential trading opportunity.

Investors may also consider market dynamics. The Relative Strength Index can be used to indicate whether a stock is overbought or oversold. Lucid Gr stock currently has an RSI of 81.15, indicating overbought conditions.

For analysis tools, charting data and access to exclusive stock news, check out Benzinga PRO. Try it for free.

LCID Price Action: According to Benzinga Pro, Lucid Group shares are up 7% at $3.37 at the time of publication Thursday.

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