Lucid Group Inc (LCID) stock soared 6.85% intraday on Friday, marking a significant upward movement for the electric vehicle manufacturer.
The surge appears driven by a combination of high short interest dynamics and investor anticipation for the company's upcoming Investor Day. Short interest in Lucid recently decreased from 45.11 million to 43.37 million shares, with over 51% of publicly available shares still held short, creating conditions for potential short covering. Additionally, traders are looking ahead to the March 12 Investor Day, where management is expected to outline its strategic roadmap, highlight progress on its midsize vehicle program and software development, and provide a first look at its next-generation vehicle architecture.
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