NASDAQ:LCID fell by 1.55% during Monday’s trading session.
Lucid announces a $21 million worth of stock from insiders.
Tesla is set to announce key China delivery figures on Tuesday.
NASDAQ:LCID started the week off on the back foot as the electric vehicle maker extended its recent slide from last week. Shares of LCID fell by 1.55% on Monday to close the first trading session of the week at $22.87. The stock is fast approaching its key 200-day moving average, and a move lower would mark a short-term bearish downtrend. Lucid lagged the broader markets on Monday as all three major indices closed the day in the red. Electric vehicle stocks were trading mostly lower as Nio (NYSE:NIO), XPeng (NYSE:XPEV), and Li Auto (NASDAQ:LI) all backtracked, while Tesla (NASDAQ:TSLA) and Fisker (NYSE:FSR) were among EV stocks that gained.
Lucid announced a $21 million stock buyback plan from insiders on Monday, that will see 857,825 of its shares repurchased. A majority of these are from insiders such as CEO Peter Rawlinson, and other high-ranking executives from within the company. The shares will be repurchased at a price of $24.15 per share, which of course is slightly higher than the closing price of the stock during Monday’s session.
In other EV news, Lucid’s chief rival Tesla is set to report its key deliveries for the Chinese market on Tuesday. China is the largest automotive market in the world, and Tesla is anticipating a generous bump in Model Y sales in the most recent quarter. Tesla recently held its annual shareholder meeting from its GigaFactory in Austin, Texas, and the EV industry leader is also set to report its third quarter earnings report on October 20th next week.