Furthermore, global car makers highlighted aggressive plans for developing EVs during the Paris Motor Show. Market participants’ positive news of the Inflation Reduction Act is again being considered, pushing EV stocks higher, potentially indicating solid fourth quarters for all EV producers. Lucid Group’s (NASDAQ: LCID) stock price over the week managed to stay flat, despite last week’s positive update on the firm by Morgan Stanley (NYSE: MS) analysts. The banking giant underlined the importance of the relationship between the EV producer and the Kingdom of Saudi Arabia. Q4 might not be as impressive as with other EV companies, but the long-term prospect of LCID should be safe with a backstop from the Saudi government.
LCID chart and analysis
With the recent stock performance, both the long and short-term trends are negative. In the last month, LCID has been trading in a wide range from $11.87 to $15.68 range, bouncing slightly above all daily moving averages. Meanwhile, technical analysis shows a resistance zone from $13.59 to $13.67. Analysts rate the stock a ‘hold,’ with the average price in the next 12 months expected to reach $18.80, 48.73% higher than the current trading price of $12.64. Notably, out of 6 Wall Street analysts, three have a ‘buy’ rating, one has a ‘hold’ rating, and two have a ‘sell’ rating. Despite the positive relationship between Lucid and Saudi Arabia, the relationship is long-term; therefore, expectations for Q4 seem more muted compared to other EV competitors. Finally, production and delivery numbers will still be significant for the share price, especially as other companies post record production and delivery numbers. Buy stocks now with Interactive Brokers – the most advanced investment platform Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
