Lucid Group Inc (LCID) shares plummeted 5.23% in pre-market trading on Monday, continuing their recent downtrend.
The electric vehicle maker's stock took a hit after Redburn Atlantic analyst Tobias Beith downgraded the stock to Sell from Neutral, slashing the price target to $1.13 from $3.50. The downgrade reflects concerns over Lucid's ability to ramp up production and meet delivery targets amid stiff competition and supply chain issues plaguing the EV industry.
Furthermore, analysts polled by FactSet have an average underweight rating on Lucid and a mean price target of just $2.69, well below the stock's current trading level. The bearish sentiment underscores the challenges facing the luxury EV startup as it battles to gain market share and profitability in an increasingly crowded field.
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