- NASDAQ:LCID gained 4.86% on Thursday on a mixed day for the broader markets
- CitiGroup initiated coverage of Lucid and gave a buy rating with a generous price upgrade.
- Tesla Model S Plaid breaks speed record and sets the bar high for Lucid.
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.
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 rises toward 1.0700 after Germany PMI data
EUR/USD gains traction and rises toward 1.0700 in the early European session on Monday. HCOB Composite PMI in Germany improved to 50.5 in April from 47.7 in March, providing a boost to the Euro. Focus shifts Eurozone and US PMI readings.
GBP/USD regains 1.2350 ahead of UK PMIs
GBP/USD is recovering ground above 1.2350 in the European session, as the US Dollar comes under fresh selling pressure on improving risk sentiment. The further upside in the pair could be capped, as traders await the UK PMI reports for fresh trading impetus.
Gold price flirts with $2,300 amid receding safe-haven demand, reduced Fed rate cut bets
Gold price (XAU/USD) remains under heavy selling pressure for the second straight day on Tuesday and languishes near its lowest level in over two weeks, around the $2,300 mark heading into the European session.
PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange
Pendle is among the top performers in the cryptocurrency market today, posting double-digit gains. Its peers in the altcoin space are not as forthcoming even as the market enjoys bullish sentiment inspired by Bitcoin price.
Focus on April PMIs today
In the euro area, focus today will be on the euro area PMIs for April. The previous months' PMIs have shown a return of the two-speed economy with the service sector in expansionary territory and manufacturing sector stuck in contraction.