Lucid Stock Is Tumbling Monday: What's Going On?
Portfolio Pulse from Adam Eckert
Lucid Group Inc (NASDAQ:LCID) shares are trading lower after Cantor Fitzgerald reiterated an Underweight rating with a $4 price target ahead of Lucid's earnings report. Lucid has struggled to meet analyst estimates in recent quarters. Tesla's (NASDAQ:TSLA) EV market share also fell in the second quarter.
July 15, 2024 | 4:36 pm
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NEUTRAL IMPACT
Tesla's EV market share fell to 49.4% in the second quarter from 52.3% in the first quarter, despite overall growth in the EV market.
While Tesla's market share has decreased, the overall EV market is growing. This mixed news may not have a significant short-term impact on Tesla's stock price.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 30
NEGATIVE IMPACT
Lucid Group shares are down 11.6% after Cantor Fitzgerald reiterated an Underweight rating with a $4 price target ahead of the company's earnings report. Lucid has consistently struggled to meet analyst estimates.
The reiteration of an Underweight rating and a $4 price target by Cantor Fitzgerald, combined with Lucid's history of missing analyst estimates, has led to a significant drop in the stock price. The upcoming earnings report adds uncertainty.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100