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. (NASDAQ:LCID) 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. ...

Core Viewpoint - Lucid Group is implementing a 10-for-1 reverse stock split to avoid potential delisting from Nasdaq, but the underlying financial issues remain unchanged, making the stock still a sell [2][5][6] Group 1: Reverse Stock Split Details - Lucid confirmed the reverse stock split of 10-for-1, which consolidates every 10 shares into one share, ideally increasing the share price to around $20 [2][4] - The reverse split aims to raise Lucid's stock price from approximately $2, which is close to the $1 delisting threshold on Nasdaq [5] Group 2: Financial Performance - Lucid is currently losing $2.3 billion annually and burning over $3 billion in cash each year, indicating severe financial distress [6] - At the current cash burn rate, Lucid could run out of money in less than one year [6] Group 3: Market Reaction - Initial market reaction to the reverse split was negative, with a potential sell-off of over 5%, but comments from Federal Reserve Chairman Jerome Powell about possible interest rate cuts helped stabilize the stock, resulting in a smaller decline of 0.7% [3][6]