- NASDAQ:LCID added 0.04% on Wednesday after most of its morning gains were erased.
- Lucid investors are banking on President Biden’s infrastructure bill.
- Nio reported its earnings today and topped Wall Street estimates.
NASDAQ:LCID had another roller coaster session on Wednesday, as the stock continues to confound investors following its merger with CCIV. Shares of LCID closed the day up 0.04%, despite trading much higher during the morning session. The stock traded as high as $25.00 out of the opening, but erased most of its gains and closed the day at $24.47. Overall, shares are down from the $28.00 per share the stock merged at, and have fallen about 9% over the past month. Lucid investors definitely expected the stock to ride higher once it was trading under the LCID symbol, but it seems that institutions are still concerned with the valuation of the stock.
Another catalyst investors are hoping will ignite a fire under Lucid is the recent infrastructure bill that just passed through the senate. The new bill is set to provide billions of dollars in funding for domestic EV Makers, as well as upgrading the current charging infrastructure. The hope for President Biden is to have 500,000 EV chargers around the country in the coming years, and that domestic EV Makers like Ford (NYSE:F) and General Motors (NYSE:GM) will have a majority of their vehicles made electric by 2030.
LICD stock price forecast
In other EV news, Chinese EV maker Nio (NYSE:NIO) reported its second quarter earnings after the close on Wednesday. The company topped Wall Street estimates on both earnings per share and revenues, and provided guidance that is slightly higher than what Wall Street projected for the remainder of 2021. Nio also reported it is planning to release three new vehicles in 2022, as the company approaches profitability and begins to scale up its deliveries.
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