We recently published a list of These 10 Stocks Were Sold Down Today, And Here’s Why. In this article, we are going to take a look at where Lucid Group Inc. (NASDAQ:LCID) stands against other stocks that were sold down today.
Ten mid-cap stocks were sold down on Monday, bucking a wider market optimism, amid the lack of catalysts to spark buying appetite, while investors continued to digest the firms’ own developments affecting their businesses.
The Dow Jones rose by only 0.32 percent, while the S&P 500 and the tech-heavy Nasdaq each inched up by 0.09 percent and 0.02 percent, respectively. Meanwhile, the 10 companies booked losses as high as 5 to 16 percent.
In this article, we list the names of the worst-performing stocks and detail the reasons behind their decline.
To come up with the list, we considered only the stocks with a $2 billion market capitalization and $5 million in trading volume.
An engineer examining an electric vehicle design in a lab, showing the company’s innovative battery systems.
Lucid Group, Inc. (NASDAQ:LCID)
Lucid Group dropped its share prices by 5.63 percent on Monday to close at $2.6899 apiece amid the absence of fresh catalysts to reignite investor enthusiasm.
Earlier this month, the company reported that its net loss attributable to shareholders grew by 6.9 percent to $731 million from the $684 million registered in the same period last year.
Revenues, however, increased by 36 percent to $235 million from $172 million year-on-year.
According to the company, it is on track to ramp up vehicle production to 20,000 units per year, more than double the 9,000 units delivered last year.
In the first quarter alone, Lucid Group Inc. delivered 3,109 units, translating to $235 million in sales.
“Lucid Gravity is beginning to arrive in more customers’ driveways and at our studios, and combined with our progress toward future initiatives, our company is well-positioned for future success,” said Lucid Group Inc. Interim CEO Marc Winterhoff.
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This article is originally published at Insider Monkey.
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