Why Lucid Stock Is In Reverse Gear In Today's Premarket

Shares of Lucid Group, Inc. (NASDAQ:LCID) fell in premarket trading on Monday following a negative analyst action on the stock.

Needham analyst Chris Pierce downgraded shares of Lucid from Buy to Hold in a note published on Monday. The analyst said he reduced his unit estimates for Lucid following the premium electric vehicle maker’s underwhelming quarterly results.

Also., the analyst said he was now less optimistic about Lucid's ability to license its industry-leading EV efficiency technology to Aston Martin. In late June, the company announced a deal to supply powertrain technology to Aston Martin to be used in the latter’s future lineup of electric vehicles.

That analyst, however, held a positive view of Lucid's recently unveiled Gravity SUV.

In premarket trading on Monday, the stock fell 1.21% to $4.188, according to Benzinga Pro data.

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