Lucid shares roughly doubled at points on Friday.
Courtesy of Lucid Group
soared Friday, a move that is being attributed to unconfirmed rumors that the company could be acquired.
(LCID) stock started moving just after noon Friday, and had nearly doubled, to $17.80, before being halted just before 1 p.m. It gave back a chunk of those gains, but finished the day up 43% at $12.66. Some 206.43 million shares of Lucid traded Friday, nearly eight times the 65-day average of 26.91 million. The halts continued through out the afternoon, with trading getting stopped 13 times.
Stock news aggregation site The Fly on the Wall attributed the Lucid spike to takeover speculation by stock research blog Betaville that the Saudi Arabia Public Investment Fund, which has invested in Lucid, would acquire the company. Lucid declined to comment. Betaville and the Saudi Arabia Public Investment Fund didn’t immediately respond to a request for comment.
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