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$8 billion flows into LCID in a week as Lucid registers 10,000 VINs

$8 billion flows into LCID in a week as Lucid registers 10,000 VINs
Jordan
Major
2 months ago
3 mins read

More than $8 billion poured into Lucid Group (NASDAQ: LCID) just one week before the company’s Production Preview Week at AMP-1, planned for September 27, 2021.

From September 14, when its market cap was $30.67 billion, the stock has added more than $8 billion to have a total market cap of $38.96 billion as of September 21, 2021, with its share price growing 21.25% in the same period. 

Indeed, Lucid has seen its share price climb, in the last five days, the stock has grown +4.87 (25.36%), and yesterday alone, it was up to $24.07 up +1.11 (4.83%).

Notably, the LCID shares are trading above their 20-day simple moving average (SMA), typically utilized by stock investors as uptrend indications. As a result of recent performance and a price above the 20-day SMA, it appears that the firm’s short-term positive momentum is bullish.

LCID 20-50-200 SMA lines chart. Source. Finviz.com data. See more stocks here.

Furthermore, in the last month, LCID has been trading in the $16.12 – $24.22 range, which is quite wide, but it is currently trading near the high of this range. The stock resisted the bears as the recent buying volume pushed it towards its current price of $24.07.

Indeed, due to its recent buying volume, LCID does not present a quality setup at the moment, with prices extending to the upside lately. For a nice entry, it is better to wait for consolidation. Therefore because prices have been rising strongly lately, it may be a good idea to wait for a consolidation or pullback before considering an entry.

According to Itay Michaeli, a Citi analyst, Lucid’s electric vehicle technological credentials are unmatched, backed by years of development expertise, a burgeoning brand, and speed-to-market. The analyst gave Lucid a price target of $28, while Bank of America analyst John Murphy initiated coverage of Lucid stock with a buy rating and a $30 price target.

Elsewhere, Adam Jonas, an analyst with Morgan Stanley, gave Lucid a price target of $12.00, stating that the company still has many obstacles ahead.

Lucid registers 10,000 VINs

In addition, it’s been claimed that Lucid Group has now taken a key step toward officially beginning deliveries of the Lucid Air electric car, clearing the way for the stock’s bullish thesis to take the figurative wheel.

It appears that Lucid Group has already registered approximately 10,000 Vehicle Identification Numbers (VINs), around 10K reservations for the Lucid Air EV. It’s important to remember that each road-legal car has its own VIN, which is a string of 17 characters containing the vehicle’s unique identifier. This advancement is a critical one in the long process of bringing the much-anticipated Air EV to market. 

Lucid opens its doors

Lucid will open the doors of its Advanced Manufacturing Plant (AMP-1) in Casa Grande to the media, financial community, policymakers, and a select group of customers. 

The series of events for the week of September 27th, 2021, will see a small group of guests have the opportunity to observe manufacturing methods for Lucid Air and learn more about Lucid’s revolutionary EV technology from Lucid’s top engineers.

Recently, the Lucid Air, the company’s first automobile, just gained EPA certification for a 500-mile range. As a result, it now has the greatest driving range of any production EV to date, making onlookers eager to see the vehicle up close at the event.

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Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.

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