: Lucid stock pulls back in active trading after a record rally in the previous session


Shares of Lucid Group Inc. LCID, -5.99% slumped 3.1% in active morning trading Monday, a day they enjoyed a record one-day rally on heavy volume. Trading volume was 49.4 million shares, already more than the full-day average over the past 30 days of about 31.9 million shares. On Monday, the stock had soared 43.0% on volume of 208.1 million shares. The only official news released from the company ahead of that rally was that the company opened its first retail studio and service center in Montreal, and after Friday’s close, the company said its annual meeting of shareholders would be held on April 24. A number of media reports attributed the stock’s rally to an unconfirmed Betaville report saying the company’s largest shareholder was looking to take the company private. Betaville states that its “Uncooked” reports market “gossip” and “scuttlebutt” that hasn’t been confirmed. A company spokesperson had told MarketWatch on Friday that the company doesn’t comment on rumors or speculation. The stock has run up 82.7% so far in January but has dropped 12.3% over the past three months, while the S&P 500 SPX, -0.64% has gained 4.0% the past three months.

This article was originally published by Marketwatch.com. Read the original article here.

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