- NASDAQ:LCID gained 0.37% during Thursday’s trading session.
- All eyes are on Tesla after hours as it holds its annual shareholder meeting.
- Nio gets a healthy upgrade from Goldman Sachs.
NASDAQ:LCID and the rest of the electric vehicle sector took a pause during Thursday’s session as the industry awaits Tesla’s (NASDAQ:TSLA) shareholder meeting after hours. Shares of LCID gained 0.37% and closed the trading day at $24.38. The move higher still underperformed the broader NASDAQ index which jumped higher by 1.05% after weeks of tech sector volatility. The rally was mostly due to a temporary short-term solution to the debt ceiling issue that has been plaguing the markets as of late. It should be noted that despite the green day on Thursday, Friday will bring the key employment report for September and thus far, the futures market is mostly flat.
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As usual, all eyes in the electric vehicle industry are on Elon Musk and Tesla. The company is holding its shareholder meeting at its GigaFactory location in Austin, Texas after hours on Thursday. There was a list of the most commonly raised questions among shareholders which included the proposition of a dividend, another stock split, and further developments of 4680 battery cell technology. With the impending release of Lucid’s vehicles, it will be interesting to see if Tesla announces any surprises at the call.
LCID stock price forecast
Another electric vehicle heavyweight, Nio (NYSE:NIO) received a generous upgrade from Goldman Sachs. The bank’s investing arm provided a fresh new $56.00 price target for Nio shares, which represents over a 66% upside from Thursday’s price. It was a stark change for Nio which has been dragged down by the recent regulatory crackdowns by the Chinese government, and shares of Nio were up 6.92% during Thursday’s session.
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