NASDAQ:LCID eked out a 0.40% gain to close the week.
All signs are pointing bullish for Lucid during a pivotal month for the young company.
Ark Invest surprisingly dumps some of its Tesla position despite a lofty price target.
NASDAQ:LCID jumped higher out of the gate on Friday and continued its hot streak in the month of September. Much of the early gains were pared by the closing bell though as the broader markets fell hard into the weekend. On Friday, shars of Lucid gained 0.40% and closed the week at $19.93. It was a bearish day overall for the electric vehicle sector which was dragged down by industry leader Tesla (NASDAQ:TSLA), which saw its shares drop by 2.46%. Other EV stocks that were trading lower include Nio (NYSE:NIO) and XPeng (NYSE:XPEV).
Two analysts who initiated coverage of Lucid with generous price targets, are changing the sentiment on the stock from bearish to bullish. September is going to be a pivotal month for Lucid, as it opens its doors to the public during its Production Preview Week starting on September 27th. Lucid investors are ever hopeful for an official date for vehicle deliveries during that week, as entering the fourth quarter without a confirmed date could raise the alarm for shareholders. Lucid is already talking about expanding production to the Middle East, so an update on stateside production should come soon.
Lucid’s rival Tesla saw its shares drop this week, as one of the company’s largest fans sold a significant position alongside company insiders. Ark Invest’s Cathie Wood is a noted Tesla bull and has recently given the company a $3000.00 price target. That did not stop Wood from selling over $137 million in Tesla stock from its ETFs this week. Wood joins several other executives which sold over $4 million of their own stock as well.