Lucid Group (NASDAQ:LCID) Stock Price Down 4.4% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID) traded down 4.4% on Tuesday . The stock traded as low as $4.93 and last traded at $5.02. 10,363,967 shares changed hands during trading, a decline of 14% from the average session volume of 11,990,626 shares. The stock had previously closed at $5.25.

Lucid Group News Roundup

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

• Positive Sentiment: LCID was mentioned in a broader market move higher after news of a Trump administration peace deal that could reopen the Strait of Hormuz, a development that lifted several stocks. General Motors, Lucid, and Goodyear Stocks Trade Up, What You Need To Know
• Neutral Sentiment: One article speculated on whether Lucid stock could double this year, citing improving vehicle deliveries, but it was opinion-based and did not include a fresh company catalyst. Prediction: Will Lucid Stock Double This Year?
• Negative Sentiment: A class action lawsuit has been filed against Lucid Group and certain officers, alleging violations of federal securities laws during the specified class period, adding a meaningful legal and reputational headwind for the stock. Pomerantz Law Firm Announces the Filing of a Class Action Against Lucid Group, Inc. and Certain Officers – LCID
• Negative Sentiment: Several follow-up notices from plaintiff firms are reminding investors of the July 28 deadline to seek lead-plaintiff status, reinforcing the ongoing litigation risk around Lucid. LCID Investors Have Opportunity to Lead Lucid Group, Inc. Securities Fraud Lawsuit

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Royal Bank Of Canada dropped their price objective on shares of Lucid Group from $10.00 to $8.00 and set a “sector perform” rating for the company in a report on Monday, April 13th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a report on Friday, March 27th. Bank of America assumed coverage on shares of Lucid Group in a report on Wednesday, March 4th. They set an “underperform” rating and a $10.00 price objective for the company. TD Cowen decreased their price target on shares of Lucid Group from $10.00 to $7.00 and set a “hold” rating on the stock in a research note on Wednesday, May 6th. Finally, Cantor Fitzgerald reissued a “neutral” rating and set a $14.00 price target on shares of Lucid Group in a research note on Monday, May 4th. One equities research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, Lucid Group presently has an average rating of “Reduce” and an average target price of $9.67.

Lucid Group Price Performance

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’s 50 day moving average price is $6.56 and its 200 day moving average price is $9.38. The firm has a market capitalization of $1.96 billion, a P/E ratio of -0.38 and a beta of 0.89.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings results 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 net margin of 248.09% and a negative return on equity of 304.01%. The company had revenue of $282.47 million for the quarter, compared to the consensus estimate of $358.46 million. During the same period last year, the company earned ($0.20) earnings per share. Lucid Group’s revenue for the quarter was up 20.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Lucid Group, Inc. will post -10.75 EPS for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Tudor Investment Corp ET AL bought a new position in Lucid Group in the third quarter valued at approximately $1,361,978,000. Uber Technologies Inc bought a new position in Lucid Group in the third quarter valued at approximately $326,283,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Lucid Group by 39.2% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company’s stock valued at $25,973,000 after acquiring an additional 3,465,542 shares during the last quarter. Vanguard Group Inc. boosted its stake in Lucid Group by 6.2% in the fourth quarter. Vanguard Group Inc. now owns 12,061,286 shares of the company’s stock valued at $127,488,000 after acquiring an additional 701,826 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in Lucid Group by 112.0% in the first quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock valued at $13,166,000 after acquiring an additional 2,874,603 shares during the last quarter. 75.17% of the stock is 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.