Why Lucid Stock Plunged 10% Ahead of Earnings

Shares of Lucid Group (LCID -9.64%) plunged below $3 Monday, and were down by 10% as of 2:30 p.m. ET. A significant analyst downgrade appears to have triggered the sell-off. Why is this analyst so bearish about Lucid stock?Redburn Atlantic analyst Tobias Beith downgraded Lucid stock to sell from neutral, slashing his price target from $3.50 a share to only $1.13 per share. That new target is 63% below the electric vehicle (EV) maker's closing price Friday.Although Beith believes it won't be easy for Lucid's ...