Lucid stock

Shares of Lucid Group Inc. (LCID) rocketed 62.7% in very active afternoon trading, paring an earlier intraday gain of as much as 97.8%, prior to its latest ...

The company said before the stock market opened that it opened its first retail studio and service center in Montreal. The stock has more than doubled in January (up 114.4%), but was still down 49.0% over the past 12 months, while the S&P 500 has lost 5.8% the past year. The electric vehicle and battery pack maker's stock was trading down on the day until just before 11 a.m.

Shares of Lucid Group gained nearly 100% in half a day on rumors it would be taken private by its largest investor, Saudi Arabia's Public Investment Fund.

and Lucid Group wasn't on the list. [short interest in Lucid Motors](https://www.marketbeat.com/stocks/NASDAQ/LCID/short-interest/) was running over 25% ahead of this latest rumor and sparked a massive surge in volume. Citigroup is among the more bullish analysts and recently reiterated its buy rating. With production on the rise, the company could see the analyst's sentiment bottom and shift toward the upside. However, the sentiment had been slipping, so there could be a change in the winds and this rumor to drive the stock. MarketBeat has identified the [Lucid Group (NASDAQ: LCID)](https://www.marketbeat.com/stocks/NASDAQ/LCID/) rocketed up by almost 100% in one day on speculation it would be taken over. [ running a high short interest](https://www.marketbeat.com/originals/mullen-automotive-the-good-news-the-bad-and-the-ugly-outlook/). Its official figure is nearly 12% which is far less than Lucid, and Lucid is producing cars. The amount of cash it takes to get an EV to market, the hurdles to production and the mounting competition from industry leaders like Tesla have the scales tilted against their success and the short sellers selling en masse. The stock was halted numerous times due to the sharp spike in volatility which is the only thing we can be certain of. The rumor centers on Saudi Arabia’s Public Investment Fund, which [owns more than 60% ](https://www.marketbeat.com/originals/lucid-motors-faces-a-reality-that-may-cloud-a-bullish-perception/)of the company.

Lucid Group's shares pared gains after doubling on Friday on market speculation that Saudi Arabia's Public Investment Fund is working on plans to buy out ...

[(RIVN.O)](https://www.reuters.com/companies/RIVN.O) and Lucid will find it much more difficult to grab share in an industry competing for shrinking consumer wallets. Back in 2018, PIF was interested in taking Tesla private, but the deal did not materialize. The website uses the term "uncooked" to refer to market gossip. Lucid declined to comment. Register for free to Reuters and know the full story The speculation came as a result of an "uncooked" alert from deals website Betaville.

Shares of Lucid Group, Inc. (LCID) have gained 34.3% over the past four weeks to close the last trading session at $9, but there could still be a solid ...

[externally-audited track record](https://www.zacks.com/performance_disclosure/), this is a more conclusive indication of the stock's potential upside in the near term. According to researchers at several universities across the globe, a price target is one of many pieces of information about a stock that misleads investors far more often than it guides. While that doesn't necessarily mean the stock will hit the average price target, it could be a good starting point for further research aimed at identifying the potential fundamental driving forces. In other words, business incentives of firms covering a stock often result in inflated price targets set by analysts. (LCID) : Free Stock Analysis Report](http://www.zacks.com/registration/pfp?ALERT=NASDAQ_ZER_A388&d_alert=rd_final_rank&t=LCID&ADID=SYND_NASDAQ_TCK_TALEOFTAPE_551&cid=CS-NASDAQ-FT-tale_of_the_tape While the lowest estimate of $5 indicates a 44.4% decline from the current price level, the most optimistic analyst expects the stock to surge 400% to reach $45. That's because empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements. You can see [the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>](https://www.zacks.com/registration/premium/login/?continue_to=/stocks/buy-list&adid=ZCOM_ZP_ARTCAT_TALEOFTAPE_551_012723&icid=blog-tale_of_the_tape (LCID) have gained 34.3% over the past four weeks to close the last trading session at $9, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Click to get this free report](http://www.zacks.com/registration/pfp/?ALERT=RPT_7BST_LP194&ADID=SYND_NASDAQ_7BEST_TALEOFTAPE_551&cid=CS-NASDAQ-FT-tale_of_the_tape Though a positive trend in earnings estimate revisions doesn't give any idea as to how much the stock could surge, it has proven effective in predicting an upside. That's because the ability and unbiasedness of analysts in setting price targets have long been questionable.

Lucid Group (LCID) skyrocketed 37% amid a report that Saudi Arabias Public Investment Fund may be preparing to acquire the remainder of the electric vehicle ...

[LCID](https://seekingalpha.com/symbol/LCID)) came public through a SPAC deal in July 2021, which including PIPE funding from Saudi Arabia's Public Investment Fund. [LCID](https://seekingalpha.com/symbol/LCID)) [short interest is 25%.](https://seekingalpha.com/symbol/LCID) The fund may be working with JPMorgan on a possible plan to buy the remainder, though it's not clear if a formal offer will be made.

Shares of Lucid leaped after speculation arose that a Saudi Arabia fund might be planning to buy the shares of the EV maker it doesn't already own.

Lucid had originally estimated it would produce 20,000 of its Air electric luxury sedans in 2022. Revenue in the period was $97.3 million Last November Lucid said it conducted a $600 million at-the-market program and raised a total of $1.515 billion. The report has been cited by a number of media outlets. 16, 2021, Lucid shares were trading for $55.52. [A report from Betaville](https://www.betaville.co.uk/) speculating on the prospect of a deal could not be confirmed.

Saudi Arabia's Public Investment Fund currently owns 65% of Lucid, and has not confirmed if it will buy the remaining shares.

Saudi Arabia's PIF first invested $1.3 billion in Lucid in 2018, and it now owns around 65% of the shares today. Trades on the stock began to ramp up in the afternoon, leading the [New York Stock Exchange to halt trading twelve times](https://www.nyse.com/trade-halt-current) due to increased volatility. Lucid stock skyrocketed on Friday on speculation that Saudi Arabia's Public Investment Fund may buy out the remaining stake of the electric vehicle maker.

Lucid Group (LCID) stock shot up over 40% on Friday after a report that the Saudi sovereign wealth fund may be taking a stake.

The jump was the biggest one-day gain for the stock on record. Lucid declined comment on the speculation. (LCID)](/symbol/LCID?source=content_type%3Areact%7Csection%3Amain_content%7Csection_asset%3Ameta%7Cfirst_level_url%3Anews%7Csymbol%3ALCID)By: [Kevin P.

All eyes are on LCID stock following speculation that Saudi Arabia's Public Investment Fund may acquire the remainder of the company.

On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. [invested more than $1 billion](https://www.reuters.com/article/us-saudi-investment-auto/saudis-pif-invests-more-than-1-billion-in-electric-carmaker-lucid-motors-idUSKCN1LX1IG) to help jumpstart the company’s prospects. BlackRock purchased 1.02 million shares during Q3. A [Schedule 13D filing](https://www.sec.gov/Archives/edgar/data/1811210/000092963822001959/sc13da.htm) submitted in December shows that the fund owns 1.1 billion shares in the electric vehicle (EV) company, equivalent to a 60.66% stake. [STT](https://investorplace.com/stock-quotes/stt-stock-quote/)): 10.95 million shares. During the third quarter, a total of 417 13F filers disclosed ownership of LCID stock, a decline of six filers from the prior quarter. [Publishing Guidelines](https://investorplace.com/corporate/investorplace-publishing-guidelines/). “It is our working assumption that the relationship between the Kingdom of Saudi Arabia and Lucid could extend beyond a controlling shareholder status. As part of the agreement, PIF pledged to not sell or transfer any LCID stock for at least six months following the private placement. [BLK)](https://investorplace.com/stock-quotes/blk)-stock-quote/): 28.17 million shares. Ben Harrington, Betaville’s author, has over a decade of mergers and acquisitions reporting experience. Meanwhile, the institutional put/call ratio sits at 1.03, down from 1.11.