BUZZ-Lucid dips; EV maker announces effective date of reverse stock split
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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.
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