Lucid Motors (NASDAQ:LCID) stock is rising higher on Tuesday as recent interest in meme stocks are causing many to rally.
In Lucid Motors’ case, it is often of interest to retail and day traders. However, that doesn’t mean it wouldn’t benefit from the extra attention that comes with the latest meme stock rally.
One thing that could be happening is a short squeeze of LCID stock. That would make sense with its short interest of 280,606,688 shares. This represents a whopping 31.68% of the company’s float.
It’s also worth noting that today’s rally comes with the return of Roaring Kitty. This is the trader that launched the meme stock rally of 2021. During that time, many stocks with high short interest were targeted by meme traders. This saw them push out hedge funds and those with short interest in companies.
Investors are no doubt hoping to see a repeat of 2021 this year. If that happens, it could cause many shorted companies to rally higher, likely affecting more than just the companies that were the targets of the 2021 rally.
LCID Stock Movement Today
LCID stock is soaring higher today with heavy trading of its shares. This has more than 51 million shares of the stock changing hands as of this writing. That’s well beyond its daily average trading volume of about 27.1 million shares.
LCID stock is up 16.7% as of Tuesday morning. Even so, the stock is still down 21.4% year-to-date.
Investors will find more of the most recent stock market stories ready to go below!
We have all of the latest stock market news traders need to know about on Tuesday! A few examples include what’s happening with shares of Beyond Meat (NASDAQ:BYND), Tupperware (NYSE:TUP) and Plug Power (NASDAQ:PLUG) stock today. All of that info is available at the following links!
More Tuesday Stock Market News
- Beyond Meat (BYND) Stock Soars on Short Squeeze Hopes
- Is a Giant Short Squeeze Brewing in Tupperware (TUP) Stock?
- PLUG Stock Surges 30% as Plug Power Lands New Dept. of Energy Loan
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.
