- 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.
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.
Stay up to speed with hot stocks' news!
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.
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.
Recommended content
Editors’ Picks
EUR/USD stabilizes near 1.0800 as trading action turns subdued
EUR/USD holds steady near 1.0800 on Thursday and remains on track to end the day in negative territory following upbeat macroeconomic data releases from the US. The action in financial markets turn subdued as trading volumes thin out heading into Easter holiday.
GBP/USD extends sideways grind above 1.2600
GBP/USD fluctuates in a narrow channel above 1.2600 on Thursday. The better-than-expected Initial Jobless Claims data from the US and the upward revision to the Q4 GDP growth help the USD stay resilient against its rivals and limits the pair's upside.
Gold pulls away from daily highs, holds above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Thursday. The benchmark 10-year US Treasury bond yield stays near 4.2% after upbeat US data and makes it difficult for XAU/USD to gather further bullish momentum.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
Portfolio rebalancing and reflation trades emerge into Q2
Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.