What's Going On With Lucid Group Stock Monday?
Portfolio Pulse from Adam Eckert
Lucid Group Inc (NASDAQ:LCID) shares are trading lower after the announcement that the company will be removed from the Nasdaq-100 Index. The annual reconstitution of the index will take effect before the market opens on Dec. 18. Lucid, along with other companies, was selected for removal. Last week, Stifel initiated coverage on Lucid with a Hold rating and a price target of $5. The average 12-month price target among analysts is $7.03. Lucid's stock is down about 30% year-to-date but has risen nearly 20% in the last month. On Monday morning, shares were down 5.07% at $4.49.
December 11, 2023 | 2:44 pm
News sentiment analysis
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NEGATIVE IMPACT
Lucid Group Inc's stock is trading lower due to its upcoming removal from the Nasdaq-100 Index, which is a negative sentiment indicator for investors.
Being removed from a major index like the Nasdaq-100 often results in a negative short-term impact on a stock's price as index funds and ETFs that track the index are forced to sell their holdings. This, combined with the recent Hold rating from Stifel and the stock's year-to-date performance, suggests a bearish outlook in the short term.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100