We recently published a list of 10 Biggest Gainers of Last Week. In this article, we are going to take a look at where Lucid Group Inc. (NASDAQ:LCID) stands against other biggest gainers of last week.
Investors gobbled up shares of predominantly technology companies last week, following announcements of multi-billion dollars of investments, quantum technology backing, and new contracts, among others. Let’s take a look at last week’s Top 10 Gainers and explore the reasons behind their impressive performance.
To come up with the biggest winners of last week, we considered only the stocks that have at least $2 billion in market capitalization and $5 million in daily trading volume.
An engineer examining an electric vehicle design in a lab, showing the company’s innovative battery systems.
Lucid Group Inc. (NASDAQ:LCID)
Shares of Lucid Group on Friday ended at $3.02 apiece, marking a 16.6-percent increase from the $2.59 registered on Monday following reports of a 13.6-percent surge in sales for electric vehicles across the US.
According to Cox Automotive, a total of 116,000 EV units were sold in November, marking a 10-percent increase from the previous month.
It is also worth noting that EV’s share of the overall US auto market was already at 8.5 percent. Lucid, a competitor to Tesla, began taking orders for its new Gravity SUV on November 7.
Despite a significant decline in Lucid’s share price since its initial public offering, analysts remained optimistic about the company’s potential for a rebound, with orders and deliveries over the next few years seen as key indicators of growth.
Furthermore, the backing of Saudi Arabia’s Public Investment Fund, which recently invested an additional $1.5 billion, adds confidence to the company’s prospects.
Overall, LCID ranks 7th on our list of biggest gainers of last week. While we acknowledge the potential of LCID as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than LCID but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.