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Lucid (LCID) stock gains 10% in a week – can upside momentum continue?

Lucid (LCID) stock gains 10% in a week - can upside momentum continue
Dino Kurbegovic

Lucid Motors (NASDAQ: LCID) ability to target high-end consumers with their luxury sedans, SUVs, crossovers, pickup, and coupes, has attracted another analyst firm to issue a bull rating. Namely, on September 12, R.F. Lafferty & Co. analyst Jaime Perez issued the rating, pointing to the firm’s strong order book. 

Over the past five days, LCID enjoyed an almost 10% jump, mostly due to picking up another bull rating and the analyst setting a price of $19 as a target for the shares. Furthermore, there seem to be speculations that Lucid has managed to ramp up car production to 40-50 cars per day; however, the data doesn’t come from official sources. 

The short-term runup in the stock could be set to continue, though the markets are on shaky legs at the moment; therefore, it is debatable how long the rally may actually last. 

LCID chart and analysis

In the last month, LCID has been trading from $13.86 to $18.60, with a negative long-term trend; meanwhile, 69% of all stocks are performing better than LCID this year. 

While the stock is at the lower end of its 52-week range, technical analysis shows a support zone from $14.61 to $14.68 and a resistance zone from $16.50 to $16.63.  

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

TipRanks analysts rate the shares a ‘hold,’ predicting that the average price in the next 12 months can reach $21.67, 25.99% higher than the current trading price of $17.20. Furthermore, out of the 4 TipRanks analysts covering the stock, 2 have a buy rating, while one has a hold and another a sell rating.

Wall Street analysts’ price targets for LCID. Source: TipRanks 

Lucid seems to have ample cash to survive for an extended period; therefore, a larger drop in the broader markets should not significantly impact the firm’s survivability.

For investors looking to enter the stock for the long-term, the next delivery numbers that the firm posts will represent a great point of analysis on whether to pull the trigger on the stock or stay on the sidelines. 

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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

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