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Cantor Fitzgerald Starts Lucid Group At Overweight By Investing.com

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© Reuters. Cantor Fitzgerald starts the Lucid Kit (LCID) in weight gain

By Michael Elkins

Shares of Lucid Group (NASDAQ 🙂 rose 3.63% in pre-market trading Tuesday after Cantor Fitzgerald began coverage of the luxury electric car company with an overweight rating and a $23 price target.

An analyst at Cantor Fitzgerald wrote in the note, “Lucid is a technology and automotive company that designs, engineers and builds luxury electric cars, electric trains and battery systems that it sells online or through retail studios. We believe LCID’s premium and luxury vehicles offer greater efficiency, longer range, and faster charging.” , and more space compared to its peers.”

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Lucid Air currently offers an industry-leading range of up to 520 miles on a single charge. This range is an important difference to other electric vehicles and is enabled by an efficient and powerful powertrain that Lucid develops and builds in-house. The Lucid vehicles also come with a “wunderbox” technology to boost ultra-fast, bi-directional charging over 900V, capable of charging 300 miles in about 22 minutes.

The company also has a fairly large commitment from the government of Saudi Arabia to sell “up to 100,000 vehicles” over a 10-year period. The agreement, announced on April 26 this year, includes an initial commitment to purchase 50,000 vehicles and an option to purchase up to 50,000 additional vehicles. Vehicle deliveries are expected to begin no later than the second quarter of 23, and initial orders are expected to range from 1,000 to 2,000 vehicles per year and rise to 4,000 to 7,000 starting in 2025.

The analyst wrote in his note that he believes this agreement is “meaningful” and will help LCID increase production quickly.

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MicroStrategy is at its lowest level since 2020 after the sales were revealed

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(Bloomberg) — Shares of MicroStrategy touched their lowest level since August 2020 after the enterprise software company, which in recent years has been known as the largest buyer of bitcoin, revealed its first sale of the token.

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The stock fell 1.1 percent to $136.63 on Thursday, down 75 percent this year. Bitcoin rose less than 1% to around $16,590 and is believed to have fallen 64% since the start of the year.

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In a filing on Wednesday, MicroStrategy said it acquired approximately 2,395 Bitcoin between the beginning of November and December 21 through its subsidiary MacroStrategy, and paid out approximately $42.8 million in cash. It then sold 704 of the tokens on Dec. 22 for a total of about $11.8 million, citing tax purposes, before buying another 810 of them two days later.

Matt Malley, chief market strategist for Miller Tabak + Co. Step down as CEO. This news means they don’t seem to want to do that anytime soon.”

Overall, MicroStrategy held about 132,500 bitcoins worth over $4 billion USD as of December 27th. The company paid an average purchase price of $30,397 per bitcoin.

“Given MicroStrategy’s $2.4 billion in leverage, we believe the company may have a lot of leverage over Bitcoin, and may face some liquidity risk,” Jefferies analyst Brent Thiel wrote in a note on Wednesday. Thill has an “underperform” rating on the stock and a price target of $110.

Over the years of the pandemic, MicroStrategy has become well known for its Bitcoin takeovers, largely led by Saylor. Earlier this year, Saylor stepped down from that role and now serves as CEO at the company and continues to lead its bitcoin strategy.

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MicroStrategy was trading around $120 before Saylor first announced the company’s Bitcoin purchases in 2020. The stock reached an all-time high of $1,315 in February 2021.

(Updates to include the stock’s closing price in the second paragraph.)

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Bankman-Fried May File Petition in New York Federal Court Next Week Before Judge Louis Kaplan By Cointelegraph

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Former FTX CEO Sam Bankman-Fried is set to appear in court on the afternoon of January 3 to enter a lawsuit over two counts of wire fraud and six counts of conspiracy against him related to the collapse of cryptocurrency exchange FTX, according to Reuters. mentioned on December 28, citing court records. Bankman-Fried will appear before District Judge Lewis Kaplan in Manhattan.

Judge Kaplan was appointed to hear the case on December 27 after the original judge in the case, Ronnie Abrams, Resigned herself because of connections between FTX and the law firm Davis Polk & Wardwell, where her husband is a partner. The company provided advisory services to FTX in 2021.