Shares of luxury electric car manufacturer Lucid (NASDAQ:LCID) jumped 9.6% in the morning session after the company announced it has officially closed a $300 million strategic investment from Uber Technologies.
Electric vehicle maker Lucid Group is trading lower on Thursday. The continued decline comes amid investor pessimism after the company's 1-for-10 reverse stock split.
Shares of luxury electric car manufacturer Lucid (NASDAQ:LCID) fell 8% in the morning session after negative investor sentiment persisted following the company's recent 10-for-1 reverse stock split.
Small-cap stocks can be incredibly lucrative investments because their lack of analyst coverage leads to frequent mispricings.
However, these businesses (and their stock prices) often stay small because their subscale operations make it harder to expand their competitive moats.
Shares of luxury electric car manufacturer Lucid (NASDAQ:LCID) fell 3.5% in the afternoon session after investor sentiment remains negative following the company's recent 1-for-10 reverse stock split. The decline extends from the previous trading day, when the stock hit an all-time low after the split took effect. A reverse stock split consolidates the number of existing shares to increase the per-share price, a move traders sometimes view as a sign of weakness. Broader industry headwinds also loom, as reports suggest the potential end of federal EV tax credits later in September could negatively impact sales across the sector.
A number of stocks fell in the afternoon session after the major indices continued to retreat (Nasdaq -1.5%, S&P 500 -1.2%) amid profit-taking and renewed concerns about tariffs.
