Why did Lucid Group jump today? EV spotlight at the Super Bowl
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Lucid Group (LCID
+6.4%) rallied on Monday along with other electric vehicle stocks after the Super Bowl was filled from start to finish with commercials highlighting new EV models and sustainability benefits. That spotlight is expected to continue as more EV models hit the market.
Hedge fund interest in the sector was also reported with Coatue Management LLC and Soros Fund Management disclosing that they added shares of Rivian Automotive in Q1.
Shares of Lucid (NASDAQ:LCID) are still down more than 30% on a year-to-date basis. Short interest on LCID stands at more than 16% of total float.
What to watch: Lucid Group will report Q4 earnings on February 28 and provide a production update. Options trading implies a double-digit share price move for LCID after the report drops.
Read why Seeking Alpha authors are generally bullish on Lucid.