Why Lucid Stock Crashed 37.4% in October and Just Hit Its 52-Week Low

October turned out to be the worst month of 2024 so far for Lucid Group (NASDAQ: LCID), with the electric vehicle (EV) stock crashing 37.4%, according to data provided by S&P Global Market Intelligence.Investors got a shock when Lucid announced plans to sell shares to raise money, even as its production and delivery numbers continued to disappoint. With Lucid just reporting a significantly large loss for the third quarter, the stock hit its 52-week low of $2.02 a share on Nov. 6. The only hope remaining now for Lucid, and its investors, is its Gravity SUV.In mid-October, Lucid announced plans to a little over 262 million shares to raise funds. It also announced an agreement to sell another 375 million shares to an affiliate of the Saudi Arabia's sovereign public fund, the Public Investment Fund (PIF). PIF is also the largest stakeholder in Lucid.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool