Lucid Group Inc LCID shares are trading higher by 4.79% to $7.20 Monday afternoon. The stock is rising during Monday's session despite a lack of company-specific news.
Several EV stocks are trading higher after falling last week in sympathy with peer Tesla Inc after the company reported second-quarter earnings results.
What Happened With Tesla Earnings? Tesla's second-quarter revenue rose 47% YoY to $24.93 billion, surpassing the consensus estimate of $24.48 billion. Quarterly earnings stood at 91 cents per share, exceeding the expected 82 cents per share.
Operating margins for the second quarter were 9.6%, and gross margins were 18.2%, down from 25% YoY. The market closely monitored the margin results due to recent price cuts ... Read More
What It Matters: High-growth companies such as Lucid often have high expectations from investors. If Tesla's gross margins disappoint, investors may become more cautious about the growth prospects of other EV companies, including Lucid.
This could lead to a reevaluation of Lucid's stock price based on more conservative projections, resulting in a decrease.
According to data from Benzinga Pro, Lucid Group has a 52-week high of $20.62 and a 52-week low of $5.46.
Read Next: What's Going On With Rivian Stock?
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