LCID Stock News: Lucid Group Inc rides bullish momentum from taking the EV range crown


  • NASDAQ:LCID soared higher by 8.46% on Friday to close out an eventful week.
  • Another positive price target as CitiGroup initiates coverage of Lucid.
  • Amazon-backed Rivian gets formal approval to sell in all 50 states. 

NASDAQ:LCID finished the week off in style as investors shrugged off OPEX volatility and drove the stock higher. Shares of Lucid jumped by 8.46% on Friday and closed the trading day at $22.96. The move pushed Lucid’s price back over the key 200-day moving average, which implies a change in sentiment to bullish. Despite the volatility on Friday, electric vehicle stocks were trading higher as Tesla (NASDAQ:TSLA) gained 0.33%, Nio (NYSE:NIO) added 1.13%, and XPeng (NYSE:XPEV) climbed by 3.83%. 


Stay up to speed with hot stocks' news!


Yet another major investment institution has initiated coverage of Lucid, and the results were music to the ears of shareholders. CitiGroup analyst Itay Michaeli initiated coverage with a buy rating and a $28.00 price target, which is just short of the Wall Street high price target of $30.00 given by Bank of America. On the other end of the range is noted Lucid bear Adam Jonas of Morgan Stanley, who provided a $12.00 price target for the stock. Reception has been mostly positive for Lucid’s stock, with advanced technology and the top EPA range in the industry being the leading factors. 

LCID stock price forecast

Elsewhere, Amazon (NASDAQ:AMZN) backed electric truck maker Rivian, received formal approval to deliver its vehicles to consumers in all 50 states. Production of the Rivian R1T officially kicked off this past week, and delivery is expected to begin by the end of the month. The production means that Rivian officially beat both Tesla’s Cybertruck and Ford’s F-150 Lightning to production, which means it is the only fully electric pickup truck currently on the market. 
 

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

How do emotions affect trade?
Follow up our daily analysts guidance

Subscribe Today!    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD remains pressured below 1.1650 amid USD rebound, EU CPI eyed

EUR/USD starts the Wednesday's session on a muted note. US Dollar Index pares its initial losses to trade near 94.00 amid firmer US yields. Dovish ECB, Fed tapering, and US economic revival package back the euro underperformance.

EUR/USD News

GBP/USD bulls flirt with 1.3800 around monthly high, focus on UK inflation

GBP/USD seesaws around 1.3800 as traders brace for the key inflation data during Wednesday’s Asian session. The cable pair cheered hopes of the Bank of England’s (BOE) rate hike, as well as broad US dollar weakness, to refresh the multi-day high the previous day. 

GBP/USD News

Gold at a critical technical juncture

Gold is subdued and rests in familiar territory awaiting the next major catalyst to kick start it into gear within bullish territory towards the psychological $1,800 level. The stagflation themes feed through into the precious metals hedge. 

Gold News

SafeMoon bulls look for a breakout to $0.0000024

SafeMoon price is one of the best performers of the day, with moves as high as 13% above the open. While the breakout above $0.0000019 is bullish, momentum must be maintained to push SafeMoon above the Cloud to create clear bullish conditions.

Read more

Trading the GBP after the UK CPI data

One of the best opportunities this week comes in the form of the UK CPI data on Wednesday morning. Inflation has been surging higher across the world and that has resulted in yields rising very sharply higher. The SONIA futures have been dropping sharply lower.

Read more

Forex MAJORS

Cryptocurrencies

Signatures