LCID Stock News: Lucid Group Inc rides higher on its first analyst ‘buy’ rating

NASDAQ:LCID is a stock that has been known to have quite a few retail investors as fans, but on Thursday, a prominent analyst finally weighed in. Shares of Lucid gained 4.86% on Thursday, and closed the day at $19.85. The stock has now almost completely recovered from the one-day sell-off on September 1st as the PIPE investor lockup period came to an end. While sell offs and sentiment change are a part of any growth stock, it appears that the fear over the PIPE lockup period expiring were completely blown out of proportion. 

---

Stay up to speed with hot stocks' news!

---

The analyst that initiated coverage on Lucid is Itay Michaeli of CitiGroup. Michaeli gave Lucid’s stock a buy rating, and a generous price target of $28.00 per share. Considering the stock currently trades at under $20.00, Michaeli’s price target represents nearly a 48.0% ceiling from Thursday’s closing price. Michaeli stated that any risks and concerns are already baked into the stock’s valuation. A second firm followed Michaeli’s lead when CFRA Research initiated coverage with a $25.00 price target. 

LCID stock price forecast

Lucid’s rival Tesla (NASDAQ:TSLA) was making new headlines as always on Thursday. CEO Elon Musk confirmed that the new super-charged Model S Plaid hit a new course record for electric vehicles at the Nurburgring racetrack in Germany. The 1,020 horsepower Model S Plaid beat the Porsche Taycan Turbo’s previous record by over 11 seconds, and is now planning to run the track again with increased aerodynamic pieces and stickier tires.