What's Going On With Lucid Group Stock?

Lucid Group, Inc. LCID shares are trading lower Tuesday. The stock appears to be moving on continued downward momentum from the last month.

What To Know:

Lucid shares are down by 3% in the session and have dropped nearly 12% over the last 30 days.

LCID shares are moving lower on above-average trading volume with more than 12 million shares having been traded in the session. According to data from Benzinga Pro, the stock's 100-day average is 47.998 million shares.

The broader EV industry is facing pressure from deep price cuts from the industry leader, Tesla, Inc. TSLA. Tesla has cut its EV prices multiple times this year, and last week, Tesla cut the price of its Model Y vehicle by more than $1,900  and Model S and Model X vehicles by $9,600 in China.

Lucid Group reported disappointing second-quarter financial results including second-quarter revenue of $150.9 million falling short of the estimated $201.9 million and losses of 40 cents per share exceeding the estimated loss of 35 cents for the quarter.

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LCID Price Action: According to Benzinga Pro, Lucid shares are down by more than 3% at $6.06 at the time of publication.

Image: Courtesy of Lucid Group, Inc.