Why Lucid Stock Is Bucking the Market Trend Today
There's a lot of red in the market today. The Nasdaq Composite index dropped as much as 3% Monday morning, and the S&P 500 index was lower by almost 2%. Yet Lucid Group (NASDAQ: LCID) stock is bucking that trend.Shares of the luxury electric-vehicle (EV) maker jumped as much as 4.7%, even in the middle of all that red ink. As of 10:35 a.m. ET, Lucid stock was still holding onto a 3.1% gain. The gains came after one Wall Street analyst left a meeting with the company feeling good about its prospects.Benchmark analyst Mickey Legg met with Lucid management late last week and came away impressed, according to reports. The meeting led the analyst to reiterate his buy rating on Lucid stock, along with a $5 price target. That would imply a gain of more than 130% from Friday's closing price. Continue reading
There's a lot of red in the market today. The Nasdaq Composite index dropped as much as 3% Monday morning, and the S&P 500 index was lower by almost 2%. Yet Lucid Group (NASDAQ: LCID) stock is bucking that trend.
Shares of the luxury electric-vehicle (EV) maker jumped as much as 4.7%, even in the middle of all that red ink. As of 10:35 a.m. ET, Lucid stock was still holding onto a 3.1% gain. The gains came after one Wall Street analyst left a meeting with the company feeling good about its prospects.
Benchmark analyst Mickey Legg met with Lucid management late last week and came away impressed, according to reports. The meeting led the analyst to reiterate his buy rating on Lucid stock, along with a $5 price target. That would imply a gain of more than 130% from Friday's closing price.
