LCID Stock News: Lucid Group Inc declines for ninth straight session despite market rally

NASDAQ:LCID just cannot seem to finish a session in the green, as the stock has now fallen for nine consecutive trading days. On Monday, despite a market rally that saw both the NASDAQ and S&P 500 hit fresh new all-time highs, shares of LCID fell by 0.09% and closed the day at $21.65. It was one of those days where red was nowhere to be seen unless you are a Lucid Group investor. The electric vehicle sector surged and tech companies jumped as investors bought the recent dip that came from August OPEX week. Despite this, Lucid fell once again leaving its shareholders frustrated and confused. 

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One piece of news from over the weekend surfaced when MotorTrend writer Jonny Lieberman test drove the Lucid Air Sedan for 409 miles on a single charge to San Francisco. His official First Drive review will be published on August 25th. During an online question and answer session, Lieberman may have let it slip that Lucid will officially begin delivering its pre-ordered vehicles in October. While nothing has been confirmed, it would corroborate with the timeline that has been created online after Lucid recently emailed customers with reservations to confirm their orders. 

LCID stock price forecast

On Monday, the electric vehicle stocks surged as industry leader Tesla (NASDAQ:TSLA) gained 3.83%. The move higher was most likely due to a Deutsche Bank analyst reiterating the firm’s buy rating for the stock. In the upgrade, the analyst wrote that the AI Day event was a ‘bold vision’ for the future, and that Tesla provided analysts with a ‘greater appreciation for Tesla’s efforts in AI’.

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