Lucid Group, Inc. LCID shares are moving higher Monday on heavy trading volume, though the stock remains down by more than 25% over the past month. Here’s a look at what’s going on.
What To Know:
Earlier this month, Saudi Arabia’s Public Investment Fund, Lucid’s majority owner, announced a multi-year partnership with Formula E. PIF expects to host leadership events, STEM initiatives and community apprenticeship programs as part of the partnership, though the financial details of the partnership are under wraps.
Tesla, Inc. TSLA missed analyst estimates on both the top and bottom line when it reported fourth-quarter results last Wednesday, and shares of other EV makers traded lower in sympathy with Tesla.
Lucid is set to report its fourth-quarter financial results on Feb. 21 and analysts expect the company to report a loss of 29 cents per share and quarterly revenue of $179.881 million.
According to data from Benzinga Pro, 21.97% of available Lucid shares are being sold short and when combined with heavy trading volume may be contributing to the stock’s large move Monday. More than 69.17 million shares have already been traded in the session, surpassing the stock’s 100-day average volume of 36.229 million shares.
Related News: What’s Going On With Rivian Automotive Stock?
LCID Price Action: According to Benzinga Pro, Lucid Group shares are up 17.5% at $3.11 at the time of publication.
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