LCID Stock News: Lucid Group Inc extends climb during flat day for EV sector

NASDAQ:LCID gained 0.45% during Wednesday’s trading session.
Tesla received a notable downgrade from Bernstein and it could mean trouble for Lucid too.
Lucid’s Air Sedan ties for Best EV at MotorWeek Driver’s Choice Awards.

Stocks Reporter FXStreet

NASDAQ:LCID extended its recent win streak to four straight sessions on Wednesday despite the EV sector pulling back. Shares of LCID gained 0.45% and closed the trading day at $29.00. Lucid’s stock has been on an upswing as of late, as the company looks to build some momentum ahead of its quarterly earnings call at the end of the month. The broader markets were not as positive on Wednesday as investors absorbed the key minutes from the FOMC meeting. It is becoming increasingly likely that the Federal Reserve will be raising interest rates by the end of this quarter, and reducing its balance sheet as well.

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Lucid rival Tesla (NASDAQ:TSLA) received a downgrade from investment firm Bernstein earlier this week, and the main reason for it was the delay of its mass-market model to 2023. Bernstein is bearish on Tesla’s potential for growth without a sub $30,000 model. This could also point towards Lucid’s eventual need for a mass-market model as well, given that its current Air sedan is well out of the budget of most consumers. Bernstein has a sell rating and a $300 price target for the stock.

Lucid Motors stock forecast

Lucid’s Air sedan has won another award, this time at the MotorWeek Driver’s Choice Awards. The vehicle actually won a three-way tie for the top EV with the Rivian R1T and the Volkswagen ID.4. Notably absent from any of the awards was industry leader Tesla, while Ford (NYSE:F) won both the award for best pick-up truck for the Ford F-Series and the best overall vehicle of the year for the Ford Maverick.

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