Lucid stock (LCID) experienced a significant surge in value on Friday, followed by further gains on Monday, driven by unconfirmed speculation of a potential acquisition deal.
On Friday afternoon, Lucid stock began to climb rapidly, reaching $17.80 per share before being temporarily halted shortly before 1 p.m. Although it later retraced some of its gains, the stock closed the day with a remarkable 43% increase at $12.66. The trading volume was also noteworthy, with 206.43 million shares of Lucid exchanged, which is nearly eight times the 65-day average of 26.91 million. Throughout the afternoon, trading was repeatedly interrupted, resulting in a total of 13 halts.
As of premarket trading on Monday, Lucid’s stock was showing further positive momentum, rising by 5.8% to $13.67 per share. In contrast, S&P 500 and Dow Jones Industrial Average futures were down 0.8% and 0.5%, respectively.
According to stock news aggregation site The Fly on the Wall, the surge in Lucid stock can be attributed to takeover rumors first published by stock research blog Betaville. The speculation suggests that the Saudi Arabia Public Investment Fund, which has previously invested in Lucid, might be considering acquiring the company. However, both Lucid and Betaville declined to comment on these rumors, and there has been no official response from the Saudi Arabia Public Investment Fund at this time.