Why Lucid Stock Is Up Double Digits This Week
Many growth and tech stocks have jumped this week with the Nasdaq Composite index up about 3%. Electric vehicle stocks had been hit harder than many other sectors, and are bouncing back faster this week. Lucid Group (NASDAQ: LCID) is an example. Its shares are up about 15% according to data provided by S&P Global Market Intelligence, since last Friday's closing price as the market heads into this week's final trading day.
Lucid didn't report any company-specific news this week, but it has recently worked to bolster its financial position. The stock has dropped nearly 30% over the past three months, and investors seem to have now decided the risk-reward balance has shifted in their favor.
Image source: Lucid Group.
Source Fool.com
