LCID Stock News: Lucid Group Inc rides higher alongside Rivian’s mega IPO

NASDAQ:LICD gained 10.38% during Thursday’s trading session.
EV stocks are lifted alongside Rivian’s impressive debut.
Tesla CEO Elon Musk has a warning for Rivian investors.

Stocks Reporter FXStreet

NASDAQ:LCID saw yet another volatile day on the markets as the stock has been a rollercoaster ride for investors since it debuted on Wall Street. On Thursday, shares of LCID surged higher by 10.38% and closed the trading day at $44.98. It was a nice rebound for Lucid after it tanked on Wednesday following the IPO of a new competitor in the space. Lucid bounced back alongside the NASDAQ index which plummeted by 1.66% the session before on the news of rising inflation rates in the US market. Lucid is trading at nearly double its 200-day moving average and way above its 50-day moving average, which illustrates how much Lucid has gained over the past few weeks.

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The IPO of Rivian (NASDAQ:RIVN) was much anticipated by those who follow the EV sector. After a rough first day for some EV stocks, the sector managed to bounce back as Rivian soared higher by 22.1% on Thursday. The rise in the stock price officially gave Rivian a valuation of over $100 billion, making it the most valuable automaker in the United States aside from Tesla (NASDAQ:TSLA). Rivian has come under criticism considering the company has yet to make many sales at all, although high profile partnerships with Amazon (NASDAQ:AMZN) and Ford (NYSE:F) have boosted its reputation amongst investors.

LUCID motors stock forecast

Speaking of Tesla, enigmatic CEO Elon Musk is fresh off selling a $5 billion stake in his own company, which caused a two-day tumble in Tesla’s stock. On Thursday, Musk had a warning for those who were getting excited about Rivian’s debut. Musk warned that scaling the company for higher production and breaking even on cash flow would be the most difficult things for Rivian to accomplish. Musk had a similar warning for Lucid as its stock was skyrocketing, and if anyone would know about scaling an EV company, it would be him.

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