LCID Stock News: Lucid Group Inc rebounds from two-week lows amid market optimism

Update October 7: Lucid Group Inc snapped its five-day corrective decline and rebounded from two-week lows of $23.41 on Wednesday, ending the day 1.12% higher at $24.29. The turnaround in the risk sentiment amid progress on the US debt ceiling extension and easing energy crisis lifted the broader markets, in turn, boding well for LCID shares. The Nasdaq Composite Index recaptured 14,500, adding 0.47% on the day.

NASDAQ:LCID was left behind on Tuesday as the broader markets bounced back from the sell-off that started the week on Monday. Shares of LCID fell by 0.50% to close the trading session at $24.02. The move lower came despite the NASDAQ exchange rebounded by 1.25% as tech sectors enjoyed a rally following Monday’s pullback. Lucid has been stuck in neutral as of late, falling by nearly 10% over the past week. This recent downturn comes after shares surged in September as news of production beginning on Lucid’s Air sedans seemed to entice investors back to the stock.

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Speaking of the Lucid Air, the first broad sector reviews have been posted following the Production Preview Week. Thus far, just as MotorTrend reported weeks ago, the Lucid Air Dream checks off all of the boxes to be a new electric vehicle industry leader. Reviews have praised the technology, the power, and the overall comfort of the ride. While it may be argued that many of these features should be included in a vehicle that costs as much as the Lucid Air does, the comparisons to the Model S are unavoidable, and thus far it seems as though Lucid is taking the lead.

LCID stock price forecast

Tesla (NASDAQ:TSLA) reported a new record for quarterly deliveries on Monday, and it seems as though short sellers are starting to lose interest. Tesla once had one of the highest percentages of shares shorted, but continued success in global vehicle deliveries has apparently cost short sellers too much money. Short interest in Tesla is now at an all-time low, which may be a bullish sign for the entire electric vehicle sector.

Previous Updates

Update: Lucid Group Inc managed to post a modest intraday advance on Wednesday, ending the day at $24.29 per share, up 1.12%. Market players were pessimistic throughout the day, but the mood improved mid-US afternoon, following news indicating US Senate Republican Leader Mitch McConnell is planning to propose a short-term extension, until December, to the debt limit. The NASDAQ Composite managed to add 68 points or 0.47%.

Update: Lucid Group Inc (NASDAQ: LCID) has kicked off Wednesday's trading session with a moderate increase above the round $24 level. Shares of the electric vehicle maker have been undergoing turbulent 2021, and this steady trade is a rarity – especially as broader markets are rocking. Uncertainty about the US debt ceiling, inflation, soaring energy prices and China's indebted countries is shaking equities, but not LCID.