HomeInvesting NewsThe Reasons Behind Lucid's Spike in Share Price Today

The Reasons Behind Lucid’s Spike in Share Price Today

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Shares of Lucid (NASDAQ:LCID) are rising this morning after remaining stagnant during August and the beginning of September. As a result of a report on a technology website indicating that the company’s production rate has grown, investors are fueling their portfolios with the stock of an electric vehicle (EV) manufacturer. This is a response to the news. In addition, optimistic reports from a market analyst are another factor encouraging investors to use the “buy” button.

As of 10:28 this morning, At this hour, shares of Lucid have gained 5.5%.

Then what?

The technology website Wccftech.com makes the allegation, citing an “inside source” as well as a community for owners of Lucid electric vehicles, claiming Lucid (NASDAQ:LCID) is producing between 40 and 50 automobiles each day on its manufacturing line. It is anticipated that the firm would raise this daily output to between 50 and 60 automobiles.

Compared to the former manufacturing pace of the firm, which ranged from five to fifteen automobiles per day, this is a significant improvement. If the information in this study is genuine, it shows that the recent reorganization of Lucid (NASDAQ:LCID) executive team is having a good effect and says that there is a more significant possibility that Lucid will be able to fulfill its production target of 6,000 to 7,000 units in 2022.

The optimistic forecast provided by Jaime Perez, an analyst at R.F. Sullivan, is the other factor contributing to today’s surge in the stock price. Lafferty. The analyst Perez started coverage on the stock by assigning a buy rating and setting a price objective of $19. The price objective indicates the potential for an upside of 26% based on the stock’s most recent closing price of $15.08.

What’s Next?

Even if Wddftech.com says that Lucid (NASDAQ:LCID) has increased their output, investors shouldn’t put too much stock in the website’s assertions because they might be false. This may be the case, but a more prudent strategy would be to hold off until the corporation provides official confirmation of the rise in run rate.

In addition, the optimistic view of one analyst on the company is promising; nevertheless, because it is unknown what the analyst’s horizon is for issuing the price target, EV investors should take it with a healthy dose of skepticism.

Featured Image – Megapixl © Nerthuz 

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