Why Lucid Stock Is In Reverse Gear In Today's Premarket
Portfolio Pulse from Shanthi Rexaline
Lucid Group, Inc. (NASDAQ:LCID) shares dropped in premarket trading after Needham analyst Chris Pierce downgraded the stock from Buy to Hold. The downgrade was due to reduced unit estimates following Lucid's disappointing quarterly results and less optimism about Lucid's ability to license its EV technology to Aston Martin. Despite the downgrade, Pierce was positive about Lucid's new Gravity SUV. Lucid's stock fell 1.21% to $4.188 in premarket trading.
November 27, 2023 | 1:21 pm
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NEGATIVE IMPACT
Lucid Group's stock experienced a premarket decline following a downgrade by Needham analyst Chris Pierce from Buy to Hold, due to lower unit estimates and concerns over its licensing deal with Aston Martin.
The downgrade by a prominent analyst based on reduced unit estimates and potential challenges in licensing agreements is likely to negatively impact investor sentiment in the short term. The premarket stock price movement reflects immediate reaction to the news.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100