Lucid Group Shares Down 9%

Shares of Lucid Group Inc. (LCID) are slipping nearly 9% despite no stock-related news to negatively impact the shares of the electric-vehicle startup.

LCID is currently trading at $18.19, down $1.77 or 8.85%, on the Nasdaq, on a volume of 105 million shares, above average volume of 11 million shares. LCID has traded between $9.60 and $64.86 in the 52-week period. On Nasdaq Global Select market Lucid Group's shares are currently trading at $7.80, down $0.74 or 8.66%.

Lucid is reportedly down due to the PIPE lockup expiration date for early investors. The largest PIPE investor in Lucid is Saudi Arabia's sovereign wealth fund, which is not anticipated to be a big seller of shares. Other PIPE investors include BlackRock, Fidelity Management and Research, Franklin Templeton and Neuberger Berman.

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