Why Lucid Group Stock Fell 17% in August
Shares of Lucid Group (NASDAQ: LCID) were pulling back last month after the luxury EV maker reported second-quarter earnings. The stock actually gained on the news even though it missed estimates on both the top and bottom lines as it continued to struggle with production challenges and a path to profitability. Still, investors momentarily bid the stock higher on news that it had improved its liquidity and had begun shipping vehicles to Saudi Arabia.
The broader trend pushed the stock lower over the course of the month, and according to data from S&P Global Market Intelligence, shares of the EV stock finished the month down 17%.
As you can see from the chart below, the stock briefly popped on Aug. 8 before resuming the downward trend.
Source Fool.com
