Investors have been unloading shares of electric vehicle start-up Lucid Group (NASDAQ: LCID) for the past two weeks, ever since it released its quarterly update and announced that it was cutting its production forecast for 2022 due to supply chain and other issues. Shares are now down by more than 25% since that report came out -- a decline that includes a dip of 6% on Monday.
Monday's drop may be part of the continued selling triggered by that report, but another likely contributor to it is a filing that Lucid made with the Securities and Exchange Commission late last week reporting that CEO and Chief Technology Officer Peter Rawlinson had just sold nearly 8 million shares worth more than $180 million.
However, just a bit of digging reveals that Rawlinson isn't selling because of any recent change in his views about the company's prospects. This share sale was planned almost eight months ago in July 2021.
Source Fool.com