Why Lucid Stock Is Racing Higher Today

Lucid Group Inc LCID shares are trading higher Monday following positive analyst coverage from RF Lafferty.

RF Lafferty analyst Jaime Perez initiated coverage on Lucid with a Buy rating and announced a $19 price target, citing strong reservations for the company's Lucid Air EV.

A separate report from Monday, citing an internal source, indicates that Lucid has ramped up production to between 40 and 50 vehicles per day, which is up from an earlier rate between 5 and 15 vehicles per day. 

The report also suggests that production could further ramp up to between 50 and 60 vehicles daily, which would give Lucid a "fair chance" of meeting its most recent production guidance. 

At the beginning of August, Lucid slashed its production guidance for 2022 to a range of 6,000 to 7,000 vehicles after producing 1,405 vehicles in the first half of the year.

See Also: Tesla China's Strong August Comeback, Rivian To Drive Across The Atlantic, Talent Drain At Lucid: Week's Biggest EV Stories

LCID Price Action: Lucid has a 52-week high of $47.59 and a 52-week low of $13.25.

The stock was up 7.51% at $16.21 at time of publication, according to Benzinga Pro.

Photo: courtesy of Lucid.