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Why Lucid Stock Jumped Today

TheMotleyFool

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Why Lucid Stock Jumped TodayPhoto, wide shot, wide-angle lens, soft focus, Car rental company, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Edward Burtynsky: https://oaidalleapiprodscus.blob.core.windows.net/private/org-IbuNdCATsFaPOITjFOv2kJh3/user-AXaxqjBUW45D8BadJEo9mUpW/img-C39HK7mRtkD4E8dIGhNKdJKJ.png?st=2023-05-14T13%3A30%3A04Z&se=2023-05-14T15%3A30%3A04Z&sp=r&sv=2021-08-06&sr=b&rscd=inline&rsct=image/png&skoid=6aaadede-4fb3-4698-a8f6-684d7786b067&sktid=a48cca56-e6da-484e-a814-9c849652bcb3&skt=2023-05-13T20%3A57%3A44Z&ske=2023-05-14T20%3A57%3A44Z&sks=b&skv=2021-08-06&sig=c7kEiWtHt1KibrlL7jP9uEmEuV%2BuAnv1nRBACXoedSk%3D

Shares of the electric vehicle company Lucid Group (NASDAQ: LCID) popped today after the company filed documents with the Securities and Exchange Commission (SEC) showing that it had sold about 396 million shares to Ayar Third Investment Company, a group associated with Saudi Arabia's Public Investment Fund (PIF).

The company announced last month that it would be selling additional shares, in addition to an agreement by the PIF to make a large investment.

While investors already knew the share purchase would happen, they responded positively to the news today, pushing up Lucid's stock by as much as 5% today. As of 2:26 p.m. ET Lucid's stock had gained 3.4%.

Source Fool.com

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