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In quite an unexpected turn of events, shares of electric vehicle maker Lucid (NASDAQ: LCID) saw a stark rise to the upside on Monday, December 9. At the closing bell of the prior trading day on Friday 6, Lucid stock was trading at $2.30 — at press time, the price had risen to $2.58, marking a 12.17% increase. The carmaker has been beset by numerous challenges throughout the course of 2024. In mid-November, a 13-F filing revealed that BlackRock (NYSE: BLK) dumped more than 2 million LCID shares. Days later, technical analysis showed a death cross pattern on the Lucid stock chart— the first of its kind since 2022.  By late November, Wall Street equity analysts had largely adjusted their price targets downward — and LCID stock began trading at extremely oversold levels. However, not all of the news was quite so grim — the company’s largest investor, the Saudi Public Investment Fund, put up an additional $1 billion investment in the business — and as a new wave of pressure hit electric vehicle makers due to President-elect Trump’s proposed EV credit cuts, Lucid stood out as a company mostly immune to those hypothetical cuts. Despite this latest move to the upside, which has brought weekly gains up to 21.01%, Lucid stock is still down 37.90% on a year-to-date (TD) basis. The possibility remains that this could mark the beginning of a reversal — so, what caused this latest surge? LCID stock price weekly and YTD charts. Source: Finbold Lucid stock rose on new model production news The long-awaited release of Lucid’s highly-anticipated Gravity SUV model appears to be on track — as the company took to social media site X to announce the completion of the first fully-built vehicle of that type. Today marks an exciting landmark for our…

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Filed under: News - @ December 10, 2024 3:26 pm