Lucid Group (NASDAQ:LCID) Shares Down 8.3% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) was down 8.3% during mid-day trading on Thursday . The stock traded as low as $5.97 and last traded at $6.08. 14,287,258 shares were traded during mid-day trading, an increase of 16% from the average daily volume of 12,358,160 shares. The stock had previously closed at $6.63.

Key Stories Impacting Lucid Group

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

• Positive Sentiment: Investors appear encouraged by Lucid’s newly announced executive team and restructuring plan, which aims to simplify operations, improve execution, and support a turnaround. Why Did Lucid Stock Jump 20% This Week?
• Positive Sentiment: Lucid said it is streamlining leadership and appointing key executives across finance, technology, customer, transformation, and digital functions, which may be seen as a cost-cutting and execution-improving move. Lucid Announces Q2 Production and Deliveries, Leadership Actions to Improve Execution
• Neutral Sentiment: Lucid reported second-quarter production of 4,774 vehicles and deliveries of 3,953 vehicles, giving investors a fresh look at operational progress, though the numbers were mixed relative to expectations. Lucid reports second-quarter production and unveils senior leadership overhaul (LCID)
• Neutral Sentiment: The company also named a new CFO, Alexander De Bock, as part of the broader leadership overhaul, reinforcing the ongoing management transition. Lucid names new CFO in latest executive shakeup, misses quarterly delivery estimates
• Negative Sentiment: Lucid missed second-quarter delivery estimates, which is weighing on sentiment and suggests demand or execution remains challenged. Why Lucid (LCID) Shares Are Plunging Today
• Negative Sentiment: The company’s leadership overhaul, including the departure of its CFO and other executive changes, adds uncertainty and has been a source of recent stock weakness. Lucid Motors’ CFO is out as its new CEO continues leadership shakeup
• Negative Sentiment: Multiple law firms have announced or updated securities class action claims tied to Lucid, creating an additional overhang for the shares. LCID DEADLINE ALERT: ROSEN…

Analysts Set New Price Targets

Several brokerages have recently commented on LCID. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a report on Wednesday, June 24th. TD Cowen decreased their price target on Lucid Group from $10.00 to $7.00 and set a “hold” rating for the company in a research note on Wednesday, May 6th. Citigroup reissued a “buy” rating and issued a $14.00 price target (down from $17.00) on shares of Lucid Group in a report on Friday, May 15th. Robert W. Baird set a $6.00 price objective on shares of Lucid Group in a report on Wednesday, May 6th. Finally, Benchmark cut shares of Lucid Group from a “buy” rating to a “hold” rating in a research note on Wednesday, May 6th. One investment analyst has rated the stock with a Buy rating, seven have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus price target of $9.67.

Lucid Group Stock Performance

The company has a debt-to-equity ratio of 3.00, a quick ratio of 0.48 and a current ratio of 1.02. The company has a 50 day simple moving average of $5.82 and a two-hundred day simple moving average of $8.68. The firm has a market cap of $2.37 billion, a PE ratio of -0.46 and a beta of 0.83.

Institutional Investors Weigh In On Lucid Group

Large investors have recently bought and sold shares of the company. Tudor Investment Corp ET AL purchased a new position in Lucid Group during the 3rd quarter worth approximately $1,361,978,000. Uber Technologies Inc purchased a new position in shares of Lucid Group during the third quarter worth $326,283,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Lucid Group by 39.2% during 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 purchasing an additional 3,465,542 shares during the period. Vanguard Group Inc. boosted its holdings 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 purchasing an additional 701,826 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its position 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 worth $13,166,000 after purchasing an additional 2,874,603 shares during the period. Hedge funds and other institutional investors own 75.17% of the company’s stock.

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.