Lucid Group (NASDAQ:LCID) Trading 1.5% Higher – Time to Buy?

Lucid Group, Inc. (NASDAQ:LCID) shares traded up 1.5% on Monday . The company traded as high as $6.95 and last traded at $6.65. 13,080,971 shares changed hands during mid-day trading, an increase of 12% from the average session volume of 11,644,558 shares. The stock had previously closed at $6.55.

More Lucid Group News

Here are the key news stories impacting Lucid Group this week:

• Positive Sentiment: Lucid completed its leadership transition and named Silvio Napoli as permanent CEO, which could reassure investors looking for clearer execution and stability. Silvio Napoli Assumes Role as CEO of Lucid Following Completion of Leadership Transition
• Neutral Sentiment: Multiple law firms issued investor alerts after a shareholder class action was filed against Lucid over alleged misleading statements and undisclosed supplier quality issues that may have disrupted Lucid Gravity deliveries. These notices add legal overhang, but they are largely repetitive updates around the same lawsuit. LCID INVESTOR ALERT: Class Action Lawsuit Filed on Behalf of Lucid Group, Inc. Investors
• Neutral Sentiment: Robbins LLP and Bernstein Liebhard also reminded investors about the same class action, reinforcing concerns about possible damages and litigation risk for Lucid. LCID Stockholder Alert: Shareholder Rights Law Firm Robbins LLP Reminds Investors of the Class Action Lawsuit Against Lucid Group, Inc.
• Negative Sentiment: The class action allegations suggest Lucid may have overstated manufacturing and delivery capabilities while a supplier issue hurt Gravity deliveries, which could pressure sentiment if investors expect operational and financial weakness. LUCID GROUP, INC. (LCID) INVESTOR ALERT

Analysts Set New Price Targets

A number of brokerages have recently commented on LCID. Royal Bank Of Canada dropped their price target on Lucid Group from $10.00 to $8.00 and set a “sector perform” rating on the stock in a research report on Monday, April 13th. Cantor Fitzgerald reiterated a “neutral” rating and set a $14.00 price objective on shares of Lucid Group in a research note on Monday, May 4th. Morgan Stanley set a $5.00 target price on Lucid Group in a report on Wednesday, May 6th. Benchmark cut Lucid Group from a “buy” rating to a “hold” rating in a research note on Wednesday, May 6th. Finally, TD Cowen reduced their price target on Lucid Group from $10.00 to $7.00 and set a “hold” rating for the company in a report on Wednesday, May 6th. One research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target of $9.67.

Lucid Group Stock Up 1.5%

The stock has a market cap of $2.60 billion, a PE ratio of -0.50 and a beta of 0.89. The company has a debt-to-equity ratio of 3.00, a current ratio of 1.02 and a quick ratio of 0.48. The company has a 50 day moving average price of $7.55 and a two-hundred day moving average price of $10.02.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($2.82) EPS for the quarter, missing the consensus estimate of ($2.53) by ($0.29). Lucid Group had a negative return on equity of 304.01% and a negative net margin of 248.09%.The business had revenue of $282.47 million during the quarter, compared to the consensus estimate of $358.46 million. During the same quarter in the previous year, the business posted ($0.20) earnings per share. Lucid Group’s quarterly revenue was up 20.2% compared to the same quarter last year. Analysts expect that Lucid Group, Inc. will post -10.75 EPS for the current year.

Institutional Trading of Lucid Group

A number of large investors have recently made changes to their positions in LCID. Royal Bank of Canada lifted its position in Lucid Group by 9.5% during the first quarter. Royal Bank of Canada now owns 110,716 shares of the company’s stock valued at $267,000 after purchasing an additional 9,578 shares during the period. AQR Capital Management LLC grew its position in Lucid Group by 89.9% in the 1st quarter. AQR Capital Management LLC now owns 537,801 shares of the company’s stock worth $1,226,000 after purchasing an additional 254,551 shares during the period. NewEdge Advisors LLC raised its stake in Lucid Group by 103.2% during the 1st quarter. NewEdge Advisors LLC now owns 37,987 shares of the company’s stock valued at $92,000 after buying an additional 19,294 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in Lucid Group by 112.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock valued at $13,166,000 after buying an additional 2,874,603 shares during the last quarter. Finally, Empowered Funds LLC lifted its holdings in shares of Lucid Group by 11.3% during the 1st quarter. Empowered Funds LLC now owns 110,844 shares of the company’s stock valued at $268,000 after buying an additional 11,252 shares during the period. 75.17% of the stock is currently owned by institutional investors.

About Lucid Group

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.