Despite sell-offs today, Lucid stock is still up 6% over the last month.
Lucid (LCID -7.45%) stock is losing ground in Tuesday’s trading. The electric vehicle (EV) company’s share price was down 7.7% as of 1:15 p.m. ET, and had been down as much as 8.6% earlier in the session.
Lucid stock is retreating today following recent filings with the Securities and Exchange Commission (SEC) showing that insiders had sold company stock. The EV specialist’s share price is still up 6% over the last month, but the stock is down roughly 44% across this year’s trading.
Lucid insiders sold stock last week
Lucid submitted four filings with the SEC yesterday showing that company insiders had sold shares. Senior vice president and chief of engineering Eric Bach sold 100,815 shares on Dec. 5.The same day, vice president of accounting and internal control Gagan Dhingra sold 55,476 shares, and chief operating officer Marc Winterhoff sold 90,453 shares.
CEO and chief technology officer Peter Rawlinson also sold 476,261 shares on Dec. 5. All the stock sales from the Lucid officers took place at a price of roughly $2.10 per share, but Rawlinson wound up acquiring 181,467 shares through stock options at a price of $0.83 per share on Dec. 6.
What comes next for Lucid stock?
Despite today’s sell-offs, Lucid stock has gained some ground recently in conjunction with news that the company had started manufacturing its Gravity electric SUV. The company’s share price has also climbed as investors have reassessed the potential negative impact of tax credits and rebates for EV purchases being rescinded or reduced under the incoming Trump administration.
Investors won’t have to wait long to get on update on the company’s vehicle manufacturing and delivery numbers. With the fourth quarter drawing to a close at the end of this month, Lucid will likely publish production and delivery data sometime around the first week of January. The performance update could provide an early indication of demand and manufacturing momentum for the Gravity.
Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
