Lucid Motors (NASDAQ:LCID) Stock Soars 90% In a Month: What’s The Buzz?

In recent times, there have been many investors who have become quite smitten with growth stocks and for good reason too, considering the sort of gains many of those stock have delivered.

Market Stats

On Wednesday, LCID stock fell 9% at $40.75 with more than 76.77 million shares, compared to its average volume of 46.41 million shares. The stock has moved within a range of $39.34 – 45.00 after opening the trade at $42.30.

Key Drivers

While Tesla is one of the better known growth stocks in the market at this point, the most popular growth stock in the market at this point is that of the electric vehicle maker Lucid Motors (NASDAQ:LCID). Investors have move on to the stock in a big way in the past 30 days and during the period, the stock has clocked gains of as much as 93%. Not too long ago, the company made the delivery of its first electric vehicles and that came as a significant boost to the stock.

At this point in time, investors are keeping a close eye on every shred of news that emerges about Lucid Motors and more often than not it leads to a spike in the stock price. That being said, it is important for investors to keep in mind that Lucid Motors is still a fairly nascent company and the rise in the stock price is largely based on the high expectations of investors with regards to the business.

Traders Corner

LCID stock is trading above the 200-Day and 50-Day Moving averages of $25.37 and $26.44 respectively. Moreover, the stock is trading above the 20-Day moving average of $34.34. The stock is up 75% in the past month.