Lucid stock

Shares of Lucid Group Inc. (LCID) rocketed 62.7% in very active afternoon trading, paring an earlier intraday gain of as much as 97.8%, prior to its latest ...

The company said before the stock market opened that it opened its first retail studio and service center in Montreal. The stock has more than doubled in January (up 114.4%), but was still down 49.0% over the past 12 months, while the S&P 500 has lost 5.8% the past year. The electric vehicle and battery pack maker's stock was trading down on the day until just before 11 a.m.

Shares of Lucid leaped after speculation arose that a Saudi Arabia fund might be planning to buy the shares of the EV maker it doesn't already own.

Lucid had originally estimated it would produce 20,000 of its Air electric luxury sedans in 2022. Revenue in the period was $97.3 million Last November Lucid said it conducted a $600 million at-the-market program and raised a total of $1.515 billion. The report has been cited by a number of media outlets. 16, 2021, Lucid shares were trading for $55.52. [A report from Betaville](https://www.betaville.co.uk/) speculating on the prospect of a deal could not be confirmed.

Saudi Arabia's Public Investment Fund currently owns 65% of Lucid, and has not confirmed if it will buy the remaining shares.

Saudi Arabia's PIF first invested $1.3 billion in Lucid in 2018, and it now owns around 65% of the shares today. Trades on the stock began to ramp up in the afternoon, leading the [New York Stock Exchange to halt trading twelve times](https://www.nyse.com/trade-halt-current) due to increased volatility. Lucid stock skyrocketed on Friday on speculation that Saudi Arabia's Public Investment Fund may buy out the remaining stake of the electric vehicle maker.

Lucid Group (LCID) stock shot up over 40% on Friday after a report that the Saudi sovereign wealth fund may be taking a stake.

The jump was the biggest one-day gain for the stock on record. Lucid declined comment on the speculation. (LCID)](/symbol/LCID?source=content_type%3Areact%7Csection%3Amain_content%7Csection_asset%3Ameta%7Cfirst_level_url%3Anews%7Csymbol%3ALCID)By: [Kevin P.

All eyes are on LCID stock following speculation that Saudi Arabia's Public Investment Fund may acquire the remainder of the company.

On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. [invested more than $1 billion](https://www.reuters.com/article/us-saudi-investment-auto/saudis-pif-invests-more-than-1-billion-in-electric-carmaker-lucid-motors-idUSKCN1LX1IG) to help jumpstart the company’s prospects. BlackRock purchased 1.02 million shares during Q3. A [Schedule 13D filing](https://www.sec.gov/Archives/edgar/data/1811210/000092963822001959/sc13da.htm) submitted in December shows that the fund owns 1.1 billion shares in the electric vehicle (EV) company, equivalent to a 60.66% stake. [STT](https://investorplace.com/stock-quotes/stt-stock-quote/)): 10.95 million shares. During the third quarter, a total of 417 13F filers disclosed ownership of LCID stock, a decline of six filers from the prior quarter. [Publishing Guidelines](https://investorplace.com/corporate/investorplace-publishing-guidelines/). “It is our working assumption that the relationship between the Kingdom of Saudi Arabia and Lucid could extend beyond a controlling shareholder status. As part of the agreement, PIF pledged to not sell or transfer any LCID stock for at least six months following the private placement. [BLK)](https://investorplace.com/stock-quotes/blk)-stock-quote/): 28.17 million shares. Ben Harrington, Betaville’s author, has over a decade of mergers and acquisitions reporting experience. Meanwhile, the institutional put/call ratio sits at 1.03, down from 1.11.