Why Lucid Stock Is Down Today
Shares of electric vehicle (EV)-maker Lucid Group (NASDAQ: LCID) were trading lower on Monday, as Wall Street awaited new economic data after last week's sell-off. As of 11:00 a.m. ET, Lucid's shares were down about 4.7% from Friday's closing price.
Lucid's stock has been gyrating since the company' reported earnings on Aug. 5, immediately following that day's abrupt market sell-off.
The timing was unfortunate for Lucid as it had some good news to announce: Revenue was better than Wall Street had expected, the company's inventories are coming down nicely, and Lucid's majority shareholder, Saudi Arabia's Public Investment Fund (PIF), agreed to pony up another $1.5 billion in funding.
Source Fool.com
