Lucid's Power Surge: Why Stock Is Poised To Open Stronger Again Today
Portfolio Pulse from Shanthi Rexaline
Lucid Group's stock is set to open higher for a second consecutive day after the Saudi Public Investment Fund acquired 265.7 million shares at a premium. The transaction could generate around $1.82 billion in gross proceeds for Lucid. The stock's upward momentum was also driven by Lucid's partnership with Aston Martin, in which Lucid will supply powertrain and battery system technology for $232 million.
June 27, 2023 | 11:43 am
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Lucid Group's stock is set to open higher due to the Saudi Public Investment Fund's share acquisition and the partnership with Aston Martin. The stock's upward momentum is driven by these positive developments.
The Saudi Public Investment Fund's acquisition of 265.7 million shares at a premium signals confidence in Lucid Group, potentially attracting more investors and driving the stock price higher. Additionally, the partnership with Aston Martin, in which Lucid will supply powertrain and battery system technology for $232 million, further strengthens the company's position in the EV market and adds to the stock's upward momentum.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100