Lucid (NASDAQ:LCID) stock is slipping on Thursday after the electric vehicle (EV) company’s shares were hit with a downgrade by Cantor Fitzgerald analysts.
That downgrade drops shares of LCID stock from a “neutral” rating to an “underweight” rating. For comparison, the analysts’ consensus rating for LCID is reduce based on 10 opinions.
The downgrade for LCID stock also comes with a price target cut from $6 per share to $4 per share. Despite the drop, that still represents an 8.1% upside for the EV company’s stock. However, it is still below the analysts’ consensus price prediction of $5.65 per share for LCID.
What’s Behind the Bear Stance on LCID Stock?
Here’s what Cantor Fitzgerald’s analysts had to say about LCID in a note to clients obtained by Investing.com:
“While we believe LCID’s vehicles are amongst the best in the industry, we are becoming more conservative in the short term given a disappointing FY24 production guidance, persistently high negative gross margins, lower-than-anticipated demand, and slower deliveries to Saudi Arabia than initially expected.”
LCID stock is down 8.1% on Thursday morning. That comes as more than 1.4 million shares of the stock change hands. This is still well below its daily average trading volume of about 40 million shares.
Investors who are seeking out even more of the most recent stock market stories for today are in the right place!
We have all of the hottest stock market news that traders need to know about on Thursday. Among that is what’s going on with shares of Bel Fuse (NASDAQ:BELFB), Draganfly (NASDAQ:DPRO) and BuzzFeed (NASDAQ:BZFD) stock this morning. You can read up on all of these matters by checking out the links below!
More Thursday Stock Market News
- Why Is Bel Fuse (BELFB) Stock Down 17% Today?
- Why Is Draganfly (DPRO) Stock Down 48% Today?
- Why Is BuzzFeed (BZFD) Stock Up 101% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
