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Lucid Stock Surges on Analyst Upgrade Despite Ongoing Losses
Lucid Stock Surges on Analyst Upgrade Despite Ongoing Losses
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BTCCSquare news:
Lucid Motors shares soared 12.3% in Friday trading after Cantor Fitzgerald dramatically raised its price target from $3 to $20 per share. The bullish revision follows the EV maker's recent 1-for-10 reverse stock split, though the company continues to burn cash at an alarming rate.
Second-quarter results revealed $739 million in losses against just $259 million revenue, with only $1.8 billion cash reserves remaining. The Saudi Public Investment Fund's backing appears to be the sole factor preventing a liquidity crisis, as traditional metrics WOULD deem such losses unsustainable.
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