$Lucid Group Inc(LCID)$ LCID opened at $8.99 last Friday and shot up to a high of $17.91 after 8 volatility halts wiyh each halt resuming higher in itsprice. News that Saudi Public Investment Fund (PIF) is buying up the rest of the shares it did not own spread like wild fire which caused the share price to rise in an almost vertical line. It then started to drop at the resumption of trade in the last halt and closed at $12.87 a huge $5 retracement from the $17.81. Post-market saw its price drop further to $12.99. Volume done was a hefty 208.1 million shares.
Is this a case of buy of buy on the rumour and sell on the news? Saudi PIF and LCID did not comment when asked though. For me, I took the risk and went in at $9.75 stayed on after each halt but decided to exit when it started to drop, making a decent profit. Hope you all took the gamble early and also took profits. I believe the take-over may not happen. Lets wait and see.
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