Why Shares of Lucid Are Tumbling Today
It's been a roller coaster week for shares of electric-vehicle (EV) maker Lucid Group (NASDAQ: LCID). The stock popped on Monday, tumbled on Tuesday, and accelerated again yesterday. So it should come as little surprise that shares are once again taking a U-turn and dipping lower today.
Unlike the reasons motivating investors earlier in the week, the catalyst for today's movement is bearish attention from Wall Street. As of 11:43 a.m. ET, shares of Lucid were down 6.6%.
This morning, before the market opened, Morgan Stanley maintained its underweight rating on shares of Lucid Group and slashed its price target to $12 from $16. The new price target implies downside of a whopping 51% from where the stock closed yesterday: $24.58.
Source Fool.com
