Why Lucid Group Stock Rocketed 72% This Week
Electric-vehicle stocks were in the spotlight this week as major developments in the industry, such as Tesla (NASDAQ: TSLA) winning a big order, fueled investor interest. Yet, none could come even close to the stunning run-up in Lucid Group (NASDAQ: LCID) shares: The stock was up 52.9% through the week by 1 p.m. EDT Friday but had jumped 72.5% at its highest point during the week's rally, according to data from S&P Global Market Intelligence.
Can this EV stock maintain momentum next week? Possibly, as this weekend is a big one for Lucid.
Lucid kicked off the week on a strong note, teasing followers by posting pictures of its Air cars on social media. Speculation was ripe, and interest in the stock was already building when the company announced on Thursday it will deliver Lucid Air Dream Edition cars to its first group of customers on Oct. 30. Lucid stock shot through the roof on Thursday, making its biggest intraday move yet.
Source Fool.com
