Why Lucid Group, Inc. (LCID) Skyrocketed Today

We recently published a list of These 10 Firms Just Beat the Market Today. In this article, we are going to take a look at where Lucid Group, Inc. (NASDAQ:LCID) stands against other stocks that skyrocketed today.

Ten companies boasted whopping gains on Tuesday despite a wider market pessimism, as a flurry of corporate developments, including impressive earnings and bullish outlooks, sparked buying appetite.

In contrast, Wall Street’s main indices all finished in the red territory. The Dow Jones was down by 0.27 percent, the S&P 500 dropped 0.39 percent, and the tech-heavy Nasdaq declined 0.38 percent.

In this article, we named the 10 best-performing stocks during the trading session and detailed the reasons behind their gains. To come up with the list, we considered only the stocks with a $2 billion market capitalization and $5 million in trading volume.

An engineer examining an electric vehicle design in a lab, showing the company’s innovative battery systems.

Lucid Group, Inc. (NASDAQ:LCID)

Lucid Group saw its share prices jump by 10.45 percent on Tuesday to close at $2.96 apiece, as penny traders appeared to have taken advantage of the previous day’s drop to buy shares at a low price.

Based on its historical share price data, the company traded sideways amid the lack of catalysts to further propel buying.

In recent news, Lucid Group, Inc. (NASDAQ:LCID) reported that its net loss attributable to shareholders grew by 6.9 percent to $731 million from the $684 million registered in the same period last year.

Revenues, however, increased by 36 percent to $235 million from $172 million year-on-year.

Looking ahead, Lucid Group, Inc. (NASDAQ:LCID) is looking to ramp up vehicle production to 20,000 units per year, more than double the 9,000 units delivered last year.

In the first quarter alone, Lucid Group Inc. (NASDAQ:LCID) delivered 3,109 units, translating to $235 million in sales.

Overall, LCID ranks 10th on our list of today’s best-performing stocks. 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 have limited downside risk. If you are looking for an AI stock that is more promising than LCID and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.