- NASDAQ:LCID fell by 3.83% during Tuesday’s trading session.
- Lucid bear Adam Jonas stands by his $12 price target for Lucid.
- Tesla tumbles on uncertainty surrounding Hertz deal from Musk.
NASDAQ:LCID has been stuck in reverse since the calendar flipped over from October to November. Shares of the red-hot electric vehicle maker have cooled since the company announced its inaugural deliveries would hit customers at the end of October. On Tuesday, Lucid’s stock fel a further 3.83% and closed the trading session at $35.13. Lucid’s stock has been on fire over the past month, gaining over 45% as retail investors piled in. Lucid once again lagged the broader markets as the NASDAQ, S&P 500, and Dow Jones all hit new all-time highs and closed in the green for the second straight session to start the month.
Stay up to speed with hot stocks' news!
Morgan Stanley analyst Adam Jonas has been a long-time bear of Lucid’s stock. On Tuesday, Jonas reiterated his stance on the stock, citing that a majority of the price action over the past month has been a result of retail investors buying up shares rather than institutions. Jonas stood by his incredibly bearish $12.00 price target for Lucid, which represents a near 70% downside from Tuesday’s closing price. Jonas continues to warn investors that Lucid has a long way to go before it can even be compared to the EV industry leader Tesla (NASDAQ:TSLA).
Lucid group stock price
Speaking of Tesla, shares of the company also cooled off on Tuesday as the stock fell by 3.03% to close the day at $1,171.97. Tesla CEO Elon Musk announced that despite the high flying stock, a deal with rental company Hertz has yet to be reached. On the other hand, Hertz has already reported that Tesla vehicle deliveries have already started. The confusion in the story caused some uncertainty for investors, and the stock was sold off as some decided to take their recent profits off the table.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD tumbles to a five-year low below 0.6000 amid US-China tariffs war
The AUD/USD pair tumbles to near 0.5985 for the first time since the COVID-19 pandemic during the early Asian session on Monday. The Australian Dollar weakens as China slapped a 34% tax on all US imports in retaliation for US President Donald Trump’s tariffs, raising fear of a trade war between the United States and China.
EUR/USD: Markets on edge after US “Liberation Day,” turmoil just began
Financial markets navigated tumultuous waters in the first week of April. US President Donald Trump finally unveiled his reciprocal tariffs plan and spurred panic among worldwide investors. EUR/USD peaked at 1.1146 mid-week, its highest since September 2024, to finally settle at around 1.1000.
Gold correction deepens after new record-high is set on Trump’s tariff announcement
Gold pushed higher with the initial reaction to tariff announcements from the United States on Wednesday and touched a record peak of $3,167 before staging a deep correction heading into the weekend. Investors will stay focused on tariff-related headlines and pay close attention to inflation data from the US.
Week ahead: US CPI and RBNZ decision on tap amidst tariff mayhem
US Dollar traders await US CPI data amid global trade turbulence. RBNZ to cut by 25bps, could maintain dovish stance. China’s CPI and PPI to reveal tariff impact on inflation. Strong UK GDP data could help the pound climb higher.
Strategic implications of “Liberation Day”
Liberation Day in the United States came with extremely protectionist and inward-looking tariff policy aimed at just about all U.S. trading partners. In this report, we outline some of the more strategic implications of Liberation Day and developments we will be paying close attention to going forward.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.