LCID Stock News: Lucid Group Inc drops lower as Tesla hits a new all-time high

NASDAQ:LCID fell by 1.43% during Friday’s trading session.
Lucid is trying to keep pace with Tesla as its stock hits a new all-time high.
There are still holes in Lucid’s long-term story.

Stocks Reporter FXStreet

NASDAQ:LCID bulls didn’t have the end to the week that they had hoped after the stock rode higher alongside the EV sector. Shares of Lucid fell by 1.43% to close the last trading session of the week at $24.11. The NASDAQ exchange struggled in general on Friday, as investors rotated out of growth stocks and back into value and blue-chips. It should come as no surprise then that the Dow Jones was the only major index to finish in the green, once again hitting a new all-time high. The S&P 500 traded mostly flat on Friday, as some of its largest components like Facebook (NASDAQ:FB) and Alphabet (NASDAQ:GOOGL) tumbled after Snap (NYSE:SNAP) had disappointing earnings following Apple’s (NASDAQ:AAPL) security updates for app users.

Stay up to speed with hot stocks' news!

Tesla (NASDAQ:TSLA) hit a new split-adjusted all-time high on Friday as the stock closed the week above the $900.00 price level. Lucid bulls may be wondering about the growing pains Lucid will experience as the company tries to scale and build up its capacity to rival that of Tesla’s. Considering Lucid has yet to announce a delivery date, it could be years before Lucid can realistically call Tesla a rival.

lucid motors stock forecast

Lucid’s long-term story consists of international expansion starting in the Kingdom of Saudi Arabia, followed by lower-priced vehicle models and power storage facilities. Sound familiar? It is a very similar road to what Tesla has taken, and yet it has been nearly fifteen years since Tesla’s first vehicle was released. Lucid shareholders may be excited for what the future can bring, but they could be waiting for a long time until they see any substantial returns.

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 keeps the offered stance just above 1.1700

EUR/USD is coming under heavy selling pressure in what has been a rather grim start to the new trading week, with the pair now trading close to the 1.1700 support area as the US Dollar stages a solid rebound. The prevailing flight to safety mood continues to favour the Greenback, as investors react to the escalating conflict in the Middle East and trim risk exposure across the board.

GBP/USD hits new yearly lows near 1.3300

GBP/USD adds to the recent bearish tone, approaching to the key 1.3300 support to reach fresh YTD troughs against the backdrop of the robust performance of the US Dollar. Indeed, Cable’s decline comes amid the firm demand for the safe-haven space in the wake of the US and Israel attacks to Iran.

Gold trims losses, back below $5,400

Gold now surrenders part of the earlier advance past the $5,400 mark per troy ounce at the beginning of the week. Indeed, the precious metal’s strong uptick remains fuelled by increasing geopolitical tensions in the Middle East amid the intense demand for safer assets.