Stock Market Today, July 14: Lucid Group Plunges but Denies Reports About Bankruptcy Filing
Lucid Group (NASDAQ:LCID), a premium electric vehicle (EV) and EV technology provider, closed at $4.62, down 16.15%. Shares plunged after Bloomberg reiterated a report that the company was weighing bankruptcy or a going-private deal. Investors will now be closely watching the Aug. 4 earnings call and liquidity disclosures.
Trading volume reached 152.3 million shares, spiking about 665% above its three-month average of 19.9 million shares. Lucid Group IPO'd in 2020 and has fallen 95% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) rose 0.39% to 7,544, and the Nasdaq Composite (NASDAQINDEX:^IXIC) gained 0.90% to 26,107. Among electric vehicle manufacturing and EV technology rivals, Rivian Automotive (NASDAQ:RIVN) closed at $17.50, up 1.10%, while Tesla (NASDAQ:TSLA) finished at $396.18, up 0.36%.
What this means for investors
Lucid stock plunged over 50% after a report that the company was working with consulting firm AlixPartners and was advised on a potential bankruptcy filing or a going-private deal. The stock was subsequently halted several times for volatility.
Lucid’s new CEO, Silvio Napoli, took over on June 1, and the company withdrew prior production and delivery guidance as Napoli announced restructuring and a strategy shift to narrow the company’s focus and improve execution.
Lucid denied the reports of a potential filing for Chapter 11 bankruptcy protection, stating that “the rumors are completely false.” Lucid’s stock recovered much of the initial loss after that denial.
Investors will hear more when the company reports Q2 results on Aug. 4. While bankruptcy may not be on the table today, investors will want to hear more about monetizing its autonomous technology and demand for its new Gravity SUV.
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Howard Smith has positions in Lucid Group, Rivian Automotive, and Tesla. The Motley Fool has positions in and recommends Tesla. The Motley Fool has a disclosure policy.
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