2 EV Stocks Hurting After Sector Peer Downgrade

Morgan Stanley's downgrade of RIVN is dinging the EV sector

Fernanda Horner

Digital Content Manager

Sep 25, 2024 at 2:24 PM

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.

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