Lucid Group (LCID) experienced a decline today, closing at $2.67, down 3.61% from the previous close of $2.77. The stock opened at $2.76 and fluctuated between a high of $2.78 and a low of $2.64. The trading volume was 61,231,040 shares, which is 69.75% of the average volume, indicating moderate trading activity.
The decline in Lucid's stock price can be attributed to the announcement of a new Chief Financial Officer, Taoufiq Boussaid, effective February 25th. This news has sparked investor skepticism regarding the company's strategic direction and financial management. On social media, users expressed concerns about Lucid's marketing strategy and its reliance on Saudi Arabia's financial backing. One user commented, "This company is tiptoeing around like it’s afraid to make a move, yet still has the audacity to call its EV the 'best damn car'." Another pointed out the irony in the new CFO's compensation package, highlighting a "$4m sign on bonus, $500k+ salary, and $2m in stock."
Additionally, the broader market sentiment and competition in the electric vehicle sector may have influenced the stock's performance. Discussions on Reddit compared Lucid's vehicles to Tesla's, with some users preferring Lucid's offerings despite Tesla's advancements in autonomous driving technology. The increase in short interest, with 16.89% of Lucid's float sold short, also suggests bearish sentiment among investors.