After months of decline, July proved to be a decisively green month for the troubled electric vehicle (EV) maker Lucid (NASDAQ: LCID), considering it featured two explosive rallies. The more recent of the two took place during the Tuesday session and featured a 21.54% upsurge from $6.50 to $7.90.
LCID stock’s July 28 upsurge appears entirely the result of investors noticing a single name in a 13-G filing from five days prior. Specifically, the document revealed that a Saudi billionaire and member of the country’s ruling family, Prince Al Waleed bin Talal Al Saud, owns a 5% stake in Lucid.
Though there is nothing especially peculiar about the revelation, it appears that traders took it as a vote of confidence by the Arabian Kingdom, considering the royal’s position is in addition to the long-standing backing by the nation’s Public Investment Fund (PIF).
Why Lucid stock is soaring in July
Elsewhere, July has been an overall positive month for LCID shares despite initially featuring a steep descent to an intraday and 52-week low of $2.37.
The initial Lucid stock collapse resulted from rumors indicating that the long-troubled EV maker is approaching bankruptcy and might be taken private, while the subsequent upsurge resulted from a trifecta of news denying the hearsay.
Starting on July 14 and extending for several days, the car company’s 8-K filing, a Cantor Fitzgerald note, and, finally, a LinkedIn post made by CEO Silvio Napoli all served to fully dispel the gossip.
In turn, LCID enjoyed one of its fastest rallies in recent years and, within just three days, soared 59.31% from $4.62 to $7.36.
Overall, the two July upswings erased all Lucid stock market losses since April 2026.
Will Lucid stock rally continue in August?
Simultaneously, LCID shares are not yet out of the woods, and the firm’s upcoming quarterly filing – scheduled for August 4 – can either break or solidify the latest positivity.
This uncertainty is also reflected in the Wall Street analyst consensus, which paints Lucid stock as a ‘Hold,’ per the data Finbold retrieved from TradingView on July 29.
Furthermore, the average 12-month price target for LCID shares showcases both a certain lack of confidence in the EV maker’s growth and the scale of the previous two rallies, as it predicts a 7.17% decline to $7.33.
Featured image via Shutterstock
