Why Lucid Shares Dropped by Double Digits Today

The Nasdaq Composite Index is leading the market down again today, reflecting carnage in the growth and technology sector. But electric vehicle (EV) stocks like Lucid Group (NASDAQ: LCID) are significantly further to the downside. Lucid shares are extending a 31% five-day drop today with a decline of 12.6% as of 3:08 p.m. ET.

Lucid released its first-quarter report last week, and shares are now down 31% since that report. The results didn't show any big surprises that would lead investors to bail out of the stock. But the status quo isn't quite enough right now as the market revalues many fast-growing young companies in the EV sector.

The Lucid Air EV. Image source: Lucid Group.

Source Fool.com