Lucid Group Inc. (NASDAQ:LCID) ranks among the best short squeeze stocks to buy right now. On November 13, Benchmark reduced its price target for Lucid Group Inc. (NASDAQ:LCID) from $70 to $30, although it retained its Buy rating for the EV manufacturer’s shares. The decrease comes after Lucid Group Inc. announced in its Q3 report that it was pricing $875 million in senior unsecured convertible notes that are due in November 2031, along with a $100 million greenshoe option.
Lucid Group Inc. intends to use the proceeds for general corporate operations and to buy back a significant portion of its 1.25% 2026 notes, which have a principal of roughly $756 million for around $752 million in cash.
In addition, Lucid Group Inc. announced that its revenue for the third quarter of 2025 increased by a notable 68% year-over-year to $337 million. The company also shipped 4,078 vehicles, a 47% increase over the previous year. Despite revenue increases, Lucid’s adjusted EBITDA turned out to be $718 million loss.
Lucid Group Inc. is an electric vehicle manufacturer specializing in luxury electric cars. The company is famous for its high-performance vehicles with advanced battery technology.
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This article is originally published at Insider Monkey.
