LCID continues downward trajectory for seventh straight session

Lucid Group (NASDAQ:LCID) ended in the red territory for the seventh consecutive session as its shares closed 1.6% lower at $2.46.

The electric vehicle maker lost over 18% in the preceding six sessions. On Wednesday, the stock closed 2.34% down at $2.50.

This comes after the stock shot up on July 22 following a series of announcements. The automaker said upgrades to the Lucid Air lineup will offer greater convenience and peace of mind for owners.

Additionally, the company announced that all Lucid Air models will be able to access Tesla’s (TSLA) Supercharger network using a compatible approved adapter, starting July 31.

LCID closed nearly 11% higher after the announcements.

Earlier this month, the company also signed a partnership with Uber (UBER) to develop a “next generation premium global robotaxi program” using Nuro autonomous vehicle technology, sending its stock flying.

Following this, Seeking Alpha analyst Julia Ostian assigned a Strong Buy rating to the stock, calling the partnership a “major, real-money commitment to AV (autonomous vehicle)”.

However, overall, Seeking Alpha as well as Wall Street analysts have recommended to Hold the stock. As per Seeking Alpha’s quant rating, the stock has a Hold rating with a score of 2.90 out of 5. AMC has been rated an F for profitability and a C for valuation and momentum.

On a YTD basis, LCID has declined more than 17% while in the past year it has plunged by 29%.