Lucid Group Inc (NASDAQ: LCID) shares remain in a state of volatility on Monday, as the market continues to be dominated by unconfirmed rumors of a potential acquisition by the Saudi Public Investment Fund (PIF).
On Friday, Lucid shares saw a significant increase of over 40% following speculation that the PIF was considering a buyout of the electric vehicle (EV) manufacturer, of which it already holds more than 65% ownership.
Despite the rumors, a spokesperson for Lucid told Benzinga that the company does not comment on speculation or unconfirmed reports. It is worth noting that in 2018, the Saudi PIF expressed interest in acquiring Tesla Inc (TSLA), however, the deal ultimately failed to materialize. Interestingly, Tesla CEO Elon Musk is currently facing a trial over a tweet from 2018 in which he claimed to have secured funding to take Tesla private at $420 per share.
Lucid shares were temporarily halted several times on Friday due to high levels of volatility, which were likely a result of the high levels of short interest in the stock. Currently, 22.45% of the float is sold short.
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Despite the rumors and increased volatility, Lucid remains a popular topic of discussion among investors, as the stock continues to see a surge in interest during Monday’s premarket session. With an average session volume of approximately 30 million, Monday’s premarket trading has already exceeded 17 million.
In other news, Lucid recently announced the opening of its latest combination studio, delivery, and service center in Montreal, Quebec.
In terms of its performance, Lucid has a 52-week high of $30.85 and a 52-week low of $6.09. At the time of publication, the stock was up 5.27% at $13.54.