What's Going On With Lucid Group Stock?

Lucid Group Inc LCID shares remain volatile Monday morning amid unconfirmed rumors that the company could be acquired by the Saudi Public Investment Fund.

What Happened: Lucid shares soared more than 40% on Friday following rumors the Saudi Public Investment Fund was planning a buyout of the electric vehicle maker. The Saudi PIF already owns more than 65% of the EV company. 

On Friday, a spokesperson for Lucid told Benzinga the company doesn't comment on rumors or speculation. 

In 2018, the Saudi PIF expressed interest in taking Tesla Inc TSLA private, but the deal never materialized, per Reuters. Interestingly enough, Tesla CEO Elon Musk is currently on trial for a tweet from 2018 in which he said he was taking Tesla private at $420 per share and had secured funding to do so.

Related Link: This Tech Company Almost Acquired Tesla: Elon Musk Shares Reason He Wanted To Secure Funding

Lucid shares were halted for volatility several times in Friday's session, likely due to high short interest in the name. 22.45% of the float is currently sold short, according to Benzinga Pro.

The stock continues to see increased interest in Monday's premarket session. Lucid's average session volume is approximately 30 million. Monday's volume has already exceeded 17 million in premarket trading. 

Lucid on Friday also announced that it officially opened its latest combination studio, delivery, and service center in Montreal, Quebec.

LCID Price Action: Lucid has a 52-week high of $30.85 and a 52-week low of $6.09.

The stock was up 5.27% at $13.54 at time of publication, according to Benzinga Pro.

Photo: courtesy of Lucid.