- NASDAQ:LCID gained 3.12% during Friday’s trading session.
- Despite Morgan Stanley’s bearish price target, it likes what Lucid has done.
- Lucid makes yet another noted auto reviewer’s list of top vehicles.
NASDAQ:LCID investors must have been relieved to see the stock do something positive on Friday to close the trading week. Shares of LCID gained 3.12% and closed the trading session at $37.66. It was one of the worst weeks for the company since it officially went public back in late July. Shares of Lucid fell by nearly 6% this week, which isn’t all that bad considering the stock saw an 18.34% drop on Thursday. The broader markets started the day out with some volatility, but all three major indices were able to close the trading day in the green on a strong push into the closing bell.
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Investment bank Morgan Stanley has been one firm that has been notably bearish on Lucid, preferring its rivals Tesla (NASDAQ:TSLA) and Rivian (NASDAQ:RIVN) instead. But on Thursday, Morgan Stanley applauded Lucid’s recent senior convertible note offering to raise $1.75 billion. This will bring Lucid’s cash reserves up to a nest egg of $7 billion, which gives the company ample liquidity to upgrade its production and distribution networks. As bearish as Morgan Stanley is, the firm reluctantly praised the move citing that it sets Lucid up for a higher chance to succeed in the future.
LUCID motors stock forecast
Noted YouTube car reviewer Doug DeMuro has added his positive review to Lucid’s growing portfolio. In fact, DeMuro went so far as to say that the Lucid Air Dream Edition is the best all-around EV on the market. He provided it with the same score as the Tesla Model S Plaid Edition, and a better score than the Porsche Taycan Turbo S. It is just another in a long line of accolades that Lucid continues to receive for its flagship model.
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