- NASDAQ: LCID closes nearly flat on Wednesday at $24.47.
- President Biden’s infrastructure bill was set to give the stock a boost.
- Lucid still looking to test higher.
Update: Lucid Motors is suffering a drop on Thursday as investors mull over the read through from President Bidens $1 trillion infrastructure bill. Lucid is still holding its uptrend channel but is down nearly 2% on Thursday at $24.06. The stock is barely holding on to the 9-day moving average.
Update: Lucid Motors closed out Wednesday with little to show for itself, the stock closing at $24.47 barely changed on the day, but just about in the green. The stock remains above the 9-day moving average and trending slowly higher. The first level to break is the $29.03 high from July 26 which would lead neatly to a break of the psychological $30 level.
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NASDAQ:LCID may have found the support it was looking for on Tuesday as it looks like the U.S. government is set to help out domestic EV makers. Shares of LCID gained 4.09% to close the trading day at $24.46. The stock peaked during intraday trading at $25.24, but closed the day beneath the key 50-day moving average. LCID outpaced the NASDAQ which was the only major index in the red on Tuesday amidst a session of weakness for tech sectors. Cyclical and value stocks took the S&P 500 and Dow Jones to new all-time highs on the news of President Biden’s infrastructure bill passing the senate vote.
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The next step for the bill is the House of Representatives, which may pose its own challenges in gaining bipartisan support. The two parties disagree on the amount of the bill, but most on Wall Street fully expect the bill to be passed. This is definitely good news for domestic automakers, especially electric vehicle makers. The Biden administration has stressed that funding will be made available to improve U.S. charging infrastructure, as well as help domestic EV makers to reach key milestones over the next decade.
LCID stock price forecast
Lucid was also trading in sympathy to rival Fisker (NYSE:FSR) which rose by 21.56% on Tuesday following its news of a new partnership with Foxconn. It didn’t take long for institutions to upgrade Fisker, with Morgan Stanley providing a buy rating and a $40 price target for the stock. The analyst even has an aggressive $90 range if everything goes perfectly for Fisker, so it goes without saying that investors apply this same reasoning to companies like Lucid as well.
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