Why Lucid Stock Jumped, Then Dropped Today
Shares of luxury electric vehicle (EV) maker Lucid Group (NASDAQ: LCID) jumped as much as 6.7% to open the holiday-shortened trading week. That came after the largest public pension fund in the country released news on its Lucid holdings.
But the pop in Lucid stock didn't hold. Shares of the EV start-up lost all of that gain and more. As of 12:15 p.m. ET, the stock had shed 3.1% in today's session.
In its latest Form 13F filed with the Securities and Exchange Commission (SEC), the California Public Employees' Retirement System reported that it added more than 250,000 Lucid shares. It ended the second quarter with over 1.3 million shares worth about $5 million. Calpers, as it is known, is the largest public pension fund in the country with over 2 million members and assets recently worth about $520 billion.
Source Fool.com
