• NASDAQ:L CID finally finds a bottom, ends Wednesday in the green.
  • Lucid’s first reviews are strong and news of its upcoming Gravity SUV leaks.
  • After reporting record deliveries, Tesla’s short interest is at an all-time low.

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.


Stay up to speed with hot stocks' news!


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

LCID Stock

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.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

AUD/USD holding above 0.6900 but not for long

AUD/USD holding above 0.6900 but not for long

The AUD/USD pair eased on Monday and trades a handful of pips above the 0.6900 mark. Investors remain cautious amid recession fears and a scarce macroeconomic calendar. Additional clues on economic growth and inflation are scheduled for later this week.

AUD/USD News

EUR/USD up on Monday, but unable to recapture 1.0600

EUR/USD up on Monday, but unable to recapture 1.0600

Bulls are still losing the battle around the 1.0600, as EUR/USD pulled back after reaching a two-week high of 1.0614. Market players eye inflation-related figures and policymakers' words on monetary policy within the ECB Central Banking Forum.

EUR/USD News

Gold bears gearing up for a breakout

Gold bears gearing up for a breakout

XAUUSD is slowly gaining bearish traction, with sellers now aligned at lower levels. Gold advanced throughout the first half of the day, but trimmed gains and trades near a daily low of $1,820.63, as the dollar gathered momentum ahead of the US opening. 

Gold News

Terra’s LUNA price finally shows the buy signal you’ve been waiting for

Terra’s LUNA price finally shows the buy signal you’ve been waiting for

Terra’s LUNA price shows optimism to start the final week of June. The potential for a new bull run is beginning to materialize. LUNA price sees an uptick in social media commentary.
 

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures