- Nasdaq: LCID is down 4.30% during Tuesday’s trading session.
- Electric vehicle shares fell as Omicron’s concerns weighed on growth sectors.
- Tesla sees two major upgrades for analysts after its latest recovery.
Nasdaq: LCID erased most of its gains from Monday’s session as growth stocks took a hit on Tuesday from suddenly rising 10-year Treasury yields. Lucid’s shares fell 4.30% and closed the trading session at $36.98. The Santa Claus Rally was paused on Tuesday as the Nasdaq fell 0.56% while the S&P 500 slipped off its all-time high and fell 0.10%. Value stocks fared well intraday, and the Dow Jones extended its recent winning streak to five consecutive sessions.
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When growth stocks are struggling, the highly speculative electric car segment is at the top of the list. This was the case on Tuesday as the hot sector was calmed by rising Omicron variable cases weighing on investors. Shares of Tesla (NASDAQ:TSLA) closed the day lower after a hot start to the morning, while newly publicized Rivian (NASDAQ:RIVN) continued its 10% rally Monday with a 3.94% loss. This is life when investing in the electric car industry, as daily fluctuations are nothing new for investors. Lucid has been one of the industry’s most recent retirees, down 32.84% over the past month of trading.
Lucid Motors stock price
Tesla burned during Tuesday’s session, but some analyst upgrades should provide some fuel for the stock for the rest of the week. An analyst from Argus Research raised his price target for Tesla from $1,010 to $1,313, while Wedbush raised his price target from $1,100 to $1,400. The growth of the Tesla business in China and the increase in global production capacity are the main factors in why there is more space for Tesla inventory to operate.
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