Lucid Motors (NASDAQ:LCID) stock is on the move Thursday despite a lack of news from the electric vehicle (EV) company.
Without any news directly from the company, we’re still seeing heavy trading of LCID stock today. That has some 28 million shares changing hands as of this writing. To put that in perspective, the company’s daily average trading volume is closer to 25.4 million shares.
So without there being any news from Lucid Motors, why are shares of its stock heading higher today? It looks like holders of LCID stock have rival EV company Rivian (NASDAQ:RIVN) to thank for the boost.
Rivian released its earnings report for the first quarter of 2022 after markets closed on Wednesday. That report saw it bringing in earnings per share of -$1.43 and revenue of $95 million. Those are mixed results compared to Wall Street’s estimates of -$1.45 per share on revenue of $130.5 million.
Even so, investors in RIVN stock are celebrating today. That’s due to the EV company maintaining its production guidance of 25,000 vehicles for the year. That’s reassuring as supply constraints have been weighing on traders’ minds lately.
With Rivian revealing it expects to meet production guidance, that could be rekindling hope in Lucid Motors. Holders of LCID stock are likely believing it will do the same. Also, sometimes stocks in the same markets will move in symphony with each other, which is also probably part of what’s happening today.
LCID stock is up 9.7% as of Thursday afternoon.
Investors seeking out more stock market news will want to keep reading!
InvestorPlace has all the latest stock news that traders need to know about for Thursday. A few examples include Dutch Bros (NYSE:BROS) stock falling hard today, advice on Tesla (NASDAQ:TSLA) stock, as well as what to know about Allena Pharmaceuticals (NASDAQ:ALNA) stock as shares rocket higher. You can read up on all of this news at the following links!
More Thursday Stock Market News
- BROS Stock Plunges 40% as Dutch Bros Slashes Guidance
- Buy TSLA Stock If Tesla Acquires a Mining Company
- ALNA Stock Alert: 5 Things to Know as Little-Known Allena Pharmaceuticals Soars 100%
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.