Lucid Motors stock (NASDAQ: LCID) exploded on Tuesday afternoon trading as high as 6.6% reaching a price of $27.15.
LCID shares have fallen quite a bit from December 2021 highs of $55.06 with investors putting pressure on the stock, hurting the fourth-quarter estimates and outlook that the company provided.
It’s worth noting that the stock’s trading volumes have been steadily picking up in the last couple of days with the stock hovering around $26. Given the current price trends, it seems a good entry point for those bullish on electric vehicle (EV) companies.
More room to grow
Analyst sentiment around the stock has changed since Finbold first reported its Lucid stock outlook for 2022, the current average price stands at $38 which represents a 46% upside, the most optimistic analyst has LCID at $60 a share. However, the sentiment is split with the lowest value for the shares being placed at $12.
Summing up the 5 analysts’ consensus the LCID stock is currently a “Hold”.
The grand entrance of the newcomer
Though still a young company, Lucid is making great strides as shown by the high-profile collaboration with Nvidia. Current and future fleet of Lucid will be built on Nvidia Drive Hyperion intelligent capabilities.
Not stopping there Lucid also announced that their Project-Gravity will launch in 2024 which will be a long-range SUV.
In general, the EV market is becoming more competitive with companies introducing new features which have usually not been part of traditional auto companies, Tesla (NASDAQ: TSLA) being a great example.
The unique selling proposition of Lucid cars will be the seamless integration of software in their fleet of cars. Embedding a car with self-driving features will require millions of miles of driving data to make the car function.
Current momentum and new partnerships could strengthen the company’s chances of reaching planned goals.
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