Lucid Group Inc LCID shares are trading lower Monday after it was announced the company will be removed from the Nasdaq-100 Index.

What Happened: After the close on Friday, the Nasdaq announced the results of the annual reconstitution of the Nasdaq-100 Index, which will become effective prior to the open on Dec. 18.

Lucid was one of the companies selected for removal from the index alongside Align Technology, eBay, Enphase Energy, JD.com and Zoom. CDW Corporation, Coca-Cola Europacific Partners, DoorDash, MongoDB, Roper Technologies and Splunk were all added to the Index.

The Nasdaq-100 Index is reconstituted once a year in December. 

Last week, Stifel initiated coverage on Lucid with a Hold rating and set a price target of $5. Of all the analysts covering Lucid stock, three have positive ratings, nine have neutral ratings and two have negative ratings. The average 12-month price target is $7.03, according to Benzinga data.

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LCID Price Action: Lucid shares are down about 30% since the start of the year, but the stock is up close to 20% in the last month. Lucid shares were down 5.07% at $4.49 Monday morning, according to Benzinga Pro.

Photo: courtesy of Lucid.