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.
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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%.
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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.
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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.
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