- NASDAQ:LCID added 0.51% on Monday amidst a broader rally from electric vehicle stocks.
- The EV Sector traded higher after a generous price upgrade for Tesla.
- Fisker announces a new EV deal with iPhone maker Foxconn.
NASDAQ:LCID showed some trepidation early in the session, but the stock clawed its way back throughout the day and eked out a small gain by the closing bell. Shares of LCID added 0.51% and closed the day higher at $23.50. The NASDAQ was the only major index to finish in the positive on Monday, as the momentum from the better than expected July jobs report was overshadowed by concerns over rising cases of the delta variant.
Stay up to speed with hot stocks' news!
The broader EV sector carried over its momentum from the summit held by President Biden on Friday, as well as the bipartisan infrastructure deal that is nearing completion. In addition to this, Tesla (NASDAQ:TSLA) received a generous update from Jefferies on Monday. Jefferies upgraded Tesla from a hold to a buy rating, and upped the price target from $700 to $850 per share. It is just another such upgrade Tesla has received in the past couple weeks following its earnings report, as have other institutions including Germany’s DZ Bank and Morgan Stanley as well. Other EV stocks that saw gains on Monday include Chinese EV maker Nio (NYSE:NIO) which gained 3.08%, and XPeng (NYSE:XPEV) which added a further 2.15% to its recent rally.
LCID stock price forecast
Another former SPAC EV rival Fisker (NYSE:FSR) announced a promising partnership with iPhone maker Foxconn over the weekend. The vehicle will target an ‘urban lifestyle’ and will be produced for sale in North America, Europe, and China under the Fisker brand, with production to begin by the end of 2023. Obviously these vehicles would be competing in a different class than Lucid’s Air and Gravity, but as the market continues to become crowded, deals like this could potentially have a long-term effect on Lucid sales.
Like this article? Help us with some feedback by answering this survey:
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 clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.