Why Lucid Stock Bounced Back Today

Trading successful Lucid Group (NASDAQ: LCID) banal was halted respective times yesterday owed to volatility aft a work that follows electrical conveyance (EV) companies reported that the institution was considering filing for bankruptcy oregon going private.

Shares plunged much than 50% earlier reversing people aft the institution called the study false. Lucid past took it a measurement further. After releasing a missive to the exertion of EV (electric-vehicles.com), Lucid's banal popped today. As of 10:13 a.m. ET, Lucid shares were up by 17%.

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Investors inactive request to ticker the equilibrium expanse

Lucid's letter, signed by its main ineligible officer, stated: "Lucid unequivocally denies the cardinal factual assertions" that were reported. It besides reiterated that it was not considering Chapter 11 bankruptcy extortion nor taking the institution private.

It besides said that the institution was looking into the "circumstances surrounding publication" and "all disposable ineligible remedies."

Investors surely breathed a suspiration of alleviation from this beardown response. Lucid reported having astir $4.7 cardinal successful liquidity erstwhile it reported Q1 results successful aboriginal May. It is inactive losing money, however, and that is what investors request to monitor.

Lucid is hoping its caller Gravity SUV volition assistance spur demand, and it has besides entered a concern with Uber Technologies to physique and deploy a premium, purpose-built planetary robotaxi fleet utilizing its EV technology.

Look for updates regarding some erstwhile the institution reports second-quarter results connected Aug. 4. That volition apt thrust wherever Lucid banal goes from here.

Should you bargain banal successful Lucid Group close now?

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Howard Smith has positions successful Lucid Group. The Motley Fool has positions successful and recommends Uber Technologies. The Motley Fool has a disclosure policy.

Why Lucid Stock Bounced Back Today was primitively published by The Motley Fool