- NASDAQ:LCID fell by 2.53% on Thursday as the broader markets were flat.
- Lucid rival Tesla reported some mixed numbers for its July China vehicle deliveries.
- Two former high profile SPAC stocks reported earnings on Thursday.
Update: Lucid motors or the CCIV as some old timers are still calling it is steady in early trading on Friday as the stock suffered on THursday. However nothing too serious as CCIV/LCID remains above the 9 day moving average with the RSI still holding above 50. Tesla is pushing higher which may drag the rest of the EV sector up.
NASDAQ:LCID just cannot seem to string together consecutive days for a bullish run as the stock seems to take two steps forward and one step back. On Thursday, shares of LCID fell by 2.53% and closed the trading day at $23.85. It was generally a weak day overall for electric vehicle stocks, and the broader markets in general. Declining stocks outnumbered gainers by a 1.5 to 1 ratio, and the S&P 500 and NASDAQ were propped up by mega-cap big tech stocks trading higher.
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One of those stocks was Tesla (NASDAQ:TSLA) which has experienced a higher than normal amount of volatility as of late. Last week it reported its July delivery numbers for China, and the initial reaction was one of negativity from the markets. Tesla reported a total of 32,968 vehicles produced out of its Shanghai Gigafactory, of which 24,347 vehicles were exported to other markets. From here, the markets deduced that the rest of the 8,000 or so vehicles were sold in China, which represented a 69% decline from June levels. CEO Elon Musk took to Twitter to say that the first half of the quarter is dedicated to international markets while the second half is for the domestic markets. With that being said, all eyes will be on Tesla’s August delivery numbers for a better picture of what is going on in China.
LCID stock price forecast
Lucid was one of the most anticipated SPAC mergers of the year, but it has yet to report a quarterly earnings call. We know that sales will be zero, aside from reservations. But recent history has shown that SPAC companies have not performed as well as investors thought. On Thursday, Opendoor (NASDAQ:OPEN) had one of the better earnings reports and the stock gained 24% on the day. On the flip side, SoFi (NASDAQ:SOFI) also reported and missed on earnings, and shares fell nearly 10% in after hours trading.
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