LCID Stock News: Lucid Group Inc drives higher as Citigroup provides a bullish price target

NASDAQ:LCID gained 4.81% during Thursday’s trading session.
CitiGroup resumed coverage of Lucid at a $57.00 price target.
Tesla has a rocky session as the company recalls 475,000 vehicles.

Stocks Reporter FXStreet

NASDAQ:LCID investors received some long awaited good news on Thursday, as a Wall Street analyst bought back in. Shares of Lucid jumped by 4.81% and closed the trading day at $38.75. It has been a trying year for Lucid, exhibiting the growing pains of an early stage, high-growth company. After a long-awaited Wall Street debut in July, Lucid climbed higher out of the gate as investors bought into the narrative of the company being a Tesla (NASDAQ:TSLA) killer. Lucid has hit some rough waters in recent weeks after an SEC investigation and debt offering turned investors off of the stock, sending shares tumbling by 24% over the past month.

Stay up to speed with hot stocks' news!

The good news that investors received on Thursday was that CitiGroup is set to resume coverage of Lucid’s stock, and the investment firm is still bullish. It seems as though the analyst understands the EV market better than others, as they stated that Lucid is still a pre-revenue company and should be treated as such by the markets. In a sector that has the potential to explode in 2022, CitiGroup sees a nice 45% upside for the stock, providing a price target of $57.00.

Lucid Motors stock price

It was not as nice of a day for Tesla, as the electric vehicle industry leader saw its shares fall by 1.46% during the session. What was sending Tesla investors packing? For once it wasn’t CEO Elon Musk selling off his own shares, it was that the company announced a recall of 475,000 Model 3 and Model S vehicles. The recall was due to technical issues with the harness strap that holds the rear view camera.

Like this article? Help us with some feedback by answering this survey:

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

Author

Stocks Reporter

FXStreet

EUR/USD struggles to build on recent rebound, holds above 1.1550

EUR/USD trades marginally lower on the day but holds above 1.1550 in the American session, following Thursday's rebound. The pair holds near its intraday high as the US Dollar remains pressured by hopes the Middle East conflict will soon come to an end.

GBP/USD hovers around 1.3400 as investors await war clarity

GBP/USD remains near its daily open, not far from 1.3400, in the second half of Friday's session. The US Dollar lost its previous intraday strength and weakens as investors await clarity on the US-Iran war.

Gold stabilizes above $4,200 as wait-and-see continues

After rising more than 3% on Thursday, Gold (XAU/USD) stabilized around the $4,200 mark in the American session on Friday. The US dollar seesaws between gains and losses, but remains within familiar levels as investors remain skeptical yet hopeful about a resolution to the Middle East conflict.

Crypto Today: Bitcoin, Ethereum, XRP recovery slows amid incessant capital outflows

The cryptocurrency remains in a broader corrective bias on Friday, despite majors such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) holding slightly higher than early-week support levels.

SpaceX launches 24% higher at Friday debut

Space Exploration Technologies (SPCX), aka SpaceX, zoomed 24% higher soon after the start of its first IPO trading day on Friday. Shares of the rocket and artificial intelligence (AI) company founded by Elon Musk began trading at about 11:46 am EST and quickly gained speed.

4.2% headline, 0.2% core: Why the Fed's next hike may be targeting the wrong problem

May's CPI put headline inflation at 4.2% on the year, up from 3.8% in April and the hottest reading since April 2023, while core prices rose just 0.2% on the month, undershooting the 0.3% consensus and halving April's pace.