Shares of electric vehicle maker Lucid Group Inc (LCID) plummeted 5.41% on Monday, underperforming the broader market. The stock's decline comes amid growing investor concerns following the recent departure of CEO Peter Rawlinson and a rating downgrade from analysts.
Lucid Group has faced turbulence in 2023, with Rawlinson's sudden exit as CEO raising questions about the company's leadership and strategic direction. His departure followed a concerning drop in the stock price earlier this year.
Adding to the investor doubts, analyst firm Stifel Nicolaus maintained a "Hold" rating on Lucid stock and lowered its price target to $3.00. This downgrade reflects analysts' reservations about the company's prospects and further weighed on market sentiment towards the EV maker.
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