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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
3 weeks ago
2 mins read

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. Finviz.com 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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Dino Kurbegovic
Author

Dino is an investor and technology enthusiast with years of experience in managing complex projects. At Finbold he covers stories on stocks, investing, micro and macroeconomic trends. Also, he’s also building a micro solar power plants in his hometown.

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