Why Lucid Stock Jumped 10% in July
Lucid's CEO put rumors to rest, and an additional investment from a Saudi prince spurred investor optimism.
Overview
Shares of the electric vehicle company Lucid Group (NASDAQ: LCID) rose last month after the company denied rumors that it was considering filing for bankruptcy protection or going private.
Lucid stock also gained significant momentum toward the end of July after an SEC filing showed that Prince Al Waleed bin Talal Al Saud, a member of the Saudi royal family, bought 19.5 million shares of the company in mid-July.
Details
Investors were clearly happy with both pieces of news, and Lucid stock gained 10.3% last month, according to data from S&P Global Market Intelligence.
Source
Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.