Lucid Stock Plunges: Is It Time to Buy?
A lot has happened since Lucid Group (NASDAQ: LCID) went public in July 2021. Its Air Dream Edition with 520 miles became the longest-range electric vehicle (EV) yet and attracted rave reviews once it hit the roads in late October. With the company also expanding production capacity, Lucid stock rose a stunning 280% in 2021.
In the past three months, though, the stock has lost more than 50% of its value, partly because of the broader sell-off in growth stocks and largely because of a subpoena from the Securities and Exchange Commission (SEC) in December, regarding its merger with a special purpose acquisition company and unnamed "projections and statements." (There have been no updates on the SEC matter.)
Lucid investors have since pinned all hopes on its fourth-quarter numbers and outlook to help the stock bottom out and rebound. Instead, the earnings report sent the stock plunging even further, with its share price dropping 19% at one point this morning.
Source Fool.com
