Shares of Nio and Lucid Group are lower today
Electric vehicle (EV) stocks are suffering today after Morgan Stanley downgraded Rivian Automotive (RIVN) to "equal weight." Shares of sector peers Nio Inc - ADR (NYSE:NIO) and Lucid Group Inc (NASDAQ:LCID) were last seen don 3.1% to trade at $5.77 and 3.5% at $3.44, respectively.
NIO yesterday hit a ceiling at the $6 level, which also rejected a rally back in May. Shares conquered the 20-day moving average in late August after pulling back close to their April 22, four-year low of $3.61. Despite consolidating above penny stock territory, Nio stock is still down 36.5% so far in 2024.
LCID has not moved above $5 once this year, and is down more than 35% in the last 12 months. The security recently slipped back below its 20-day moving average, and could today nab its fifth loss over the last five trading sessions, despite familiar support at the $3.40 level.