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- NASDAQ:LCID falls by 0.80% as the EV sector hits the brakes on its recent rally.
- Lucid rival Tesla gets another analyst upgrade on its superior technology.
- Another EV SPAC reports its earnings and continues its downward spiral.
NASDAQ:LCID erased its gains from Monday, as the stock continues to experience volatility since it merged with CCIV. On Tuesday, shares of Lucid fell by 0.80% and closed the trading day at $23.58. Lucid had a tumultuous session, gapping lower in the morning but rallying in the afternoon for a strong finish. The trend followed the broader markets, which had a choppy start to the day but powered higher into the closing bell. In the week since Lucid completed its merger with the stock has trended lower, dropping by nearly 10% during that time.
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The rivalry between Lucid and Tesla (NASDAQ:TSLA) is just starting to heat up. The electric vehicle industry leader received another generous price upgrade from an analyst, who cited that Tesla has a technological superiority to the rest of the field. Taiwan-based KGI Securities gave Tesla an outperform rating and upped its price target to one of the highest on Wall Street at $855. The analyst did note that while Tesla’s technology remains superior, its market share of the electric vehicle industry will decrease over time, and named China’s Nio (NYSE:NIO) as one of the main threats to Tesla’s dominance.
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Another former EV SPAC reported its earnings on Tuesday, and Nikola Motors (NASDAQ:NKLA) continues to deteriorate. Nikola actually managed to top Wall Street estimates for earnings per share and revenues, but the stock dropped 8.68% after the company cited supply chain issues would cause a delay to the long-awaited truck deliveries.