Why Lucid Stock Crashed Today
Once-hot electric vehicle (EV) stock Lucid Group (NASDAQ: LCID) cooled off Monday morning and sank 5.5% as of 11:15 a.m. ET. At that point in time, Lucid shares were trading just under $38 a share, the "fair value" an analyst just posited on the stock.
On Dec. 20, Guggenheim analyst Ali Faghri started coverage on Lucid stock with a neutral rating and a fair value of $38 apiece. With Lucid stock closing Friday, Dec. 17, at $40.01 a share, it's not surprising to see it sink Monday after the analyst rating.
Image source: Lucid Group.
Source Fool.com