Lucid
This electric vehicle (EV) company could be in the sights of a larger car maker. Lucid Group Inc. (NASDAQ: LCID) is an automotive company focused on the design, development, customer experience, sale and service of EVs, as well as electric powertrains for Formula E and energy storage systems, starting with its Air sedan, to be followed by additional models through 2030.
The company’s vehicles are manufactured off of Lucid Electric Advanced Platform (LEAP), a skateboard architecture that will underpin numerous models, and offered to consumers through a direct sales and service model.
While the EV industry has become a do-or-die proposition, Aston Martin recently announced it would be taking up with Lucid Motors for future battery EV development and stepping away from Mercedes-Benz’s EV technology.
Needham’s target price is $9, and Lucid stock has a consensus target of $8.30. The shares traded on Friday at $5.90 apiece.
Novavax
This small biotech stock has taken investors on a roller-coaster ride over the past three years but could be ready for a big move higher. Novavax Inc. (NASDAQ: NVAX) promotes improved health by discovering, developing and commercializing vaccines to protect against serious infectious diseases. It offers a vaccine platform that combines a recombinant protein approach, nanoparticle technology and its patented Matrix-M adjuvant to enhance the immune response.
Novavax focuses on urgent health challenges, which is evaluating vaccines for COVID-19 and influenza, as well as COVID-19 and influenza combined. The company is commercializing a COVID-19 vaccine, NVX-CoV2373 under the brand names of Nuvaxovid, Covovax and Novavax COVID-19 Vaccine, Adjuvanted for adult and adolescent populations as a primary series and for both homologous and heterologous booster indications. It is also focusing on product candidates for respiratory syncytial virus and malaria.
Note that a stunning 46% of the float is sold short.
The $35 H.C. Wainwright target price is well above the consensus target of $20.60. On Friday, Novavax stock traded at just $9.45 a share.
RumbleOn
This quirky company with the funny name could have the biggest upside potential of all this week’s stocks. RumbleOn Inc. (NASDAQ: RMBL) operates a technology-based omnichannel platform in North America.
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