Lucid Stock Is Bouncing Off a Record Low Today -- Time to Buy the Stock for 2024?

Lucid (NASDAQ: LCID) stock is climbing in Monday's daily session. The company's share price was up 3% as of 11:30 a.m. ET, according to data from S&P Global Market Intelligence. Meanwhile, the S 500 index was up 0.3% and the Nasdaq Composite index was up 0.5%.

Lucid stock rocketed out of the gate to start today's trading and had been up as much as 9.2% earlier in the session. The big move appears to have primarily been driven by bullish momentum for the broader market, but a recent recall announced by Tesla may also have been a significant factor.

Late last week, announced that it would be recalling 4,382 Model 3 and Model Y vehicles in Australia due to a software problem that could affect the steering wheel. This news came not long after Lucid announced it would be recalling more than 2,000 of its Lucid Air vehicles due to concerns they may have faulty high-voltage coolant heaters and suffered big sell-offs.

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Source Fool.com