Why Lucid Stock Is Plunging This Week and Could Fall Further
After flying high since the start of the year, Lucid Group (NASDAQ: LCID) stock is getting pummeled this week. As of 9:35 a.m. ET Friday, it was trading 21% lower for the week, according to data provided by S&P Global Market Intelligence.
When the luxury electric car maker delivered its fourth-quarter results Wednesday, all eyes were on its guidance for 2023. Unfortunately, the company left investors with more questions than answers, and several analysts rushed to downgrade their ratings on Lucid stock.
Lucid announced its Q4 numbers after the close of trading on Wednesday. It generated $257.7 million in revenue versus $26 million in the prior-year period, but that's also because 2022 was Lucid's first full year of electric vehicle (EV) production. For the year, it generated $608.2 million in revenue.
Source Fool.com
