Lucid Group, Inc. (NASDAQ:LCID – Get Free Report)’s share price was down 8.7% during trading on Wednesday . The company traded as low as $4.70 and last traded at $4.70. Approximately 20,890,718 shares changed hands during trading, an increase of 75% from the average daily volume of 11,962,236 shares. The stock had previously closed at $5.15.
Key Lucid Group News
Here are the key news stories impacting Lucid Group this week:
- Positive Sentiment: Lucid announced the rollout of hands-free driving assist and new over-the-air software features for the Lucid Gravity SUV in North America, a product update that could support the company’s technology narrative and vehicle appeal. Lucid Rolls Out Hands-Free Driving Assist and New Software Features for Lucid Gravity in North America
- Neutral Sentiment: A TechCrunch report said top Lucid executive Emad Dlala departed amid the new CEO’s leadership shakeup, adding another management-level change that investors may watch for signs of strategic disruption. Top Lucid Motors executive departs amid new CEO’s leadership shakeup
- Neutral Sentiment: Several outlets noted Lucid trading near 52-week lows, while a broader “Rivian vs. Lucid” comparison kept attention on the EV maker but did not add clear fundamental news. Lucid Shares Trade Near 52-Week Lows: Is The Bottom In?
- Negative Sentiment: Multiple law firms, including Rosen, Bernstein Liebhard, Faruqi & Faruqi, Levi & Korsinsky, Pomerantz, Schall, and others, announced or promoted class-action litigation and lead-plaintiff deadlines against Lucid, which signals ongoing legal overhang and can keep pressure on the stock. Pomerantz Law Firm Announces the Filing of a Class Action Against Lucid Group, Inc. and Certain Officers – LCID
- Negative Sentiment: One recent report said Lucid “cracks are starting to show” ahead of its midsize launch, reinforcing concerns about execution and near-term fundamentals. Lucid: Cracks Are Starting To Show Ahead Of Midsize Launch (Rating Downgrade)
Wall Street Analyst Weigh In
Several analysts recently weighed in on the company. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $14.00 price objective on shares of Lucid Group in a research note on Monday, May 4th. Royal Bank Of Canada cut their price objective on Lucid Group from $10.00 to $8.00 and set a “sector perform” rating on the stock in a report on Monday, April 13th. Morgan Stanley set a $5.00 price objective on Lucid Group in a report on Wednesday, May 6th. Benchmark downgraded Lucid Group from a “buy” rating to a “hold” rating in a report on Wednesday, May 6th. Finally, Evercore set a $6.00 price objective on Lucid Group in a report on Monday, May 11th. One analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus target price of $9.67.
Lucid Group Price Performance
The firm has a market capitalization of $1.83 billion, a P/E ratio of -0.36 and a beta of 0.89. The business has a 50-day moving average of $6.92 and a 200 day moving average of $9.59. The company has a current ratio of 1.02, a quick ratio of 0.48 and a debt-to-equity ratio of 3.00.
Lucid Group (NASDAQ:LCID – Get Free Report) last issued its earnings results on Tuesday, May 5th. The company reported ($2.82) EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $282.47 million during the quarter, compared to the consensus estimate of $358.46 million. During the same period in the previous year, the firm earned ($0.20) earnings per share. The business’s quarterly revenue was up 20.2% on a year-over-year basis. On average, sell-side analysts predict that Lucid Group, Inc. will post -10.75 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Lucid Group
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Verus Capital Partners LLC purchased a new position in shares of Lucid Group in the 1st quarter worth approximately $108,000. Essential Partners LLC purchased a new position in Lucid Group in the first quarter valued at approximately $126,000. J. Derek Lewis & Associates Inc. lifted its stake in Lucid Group by 32.8% in the first quarter. J. Derek Lewis & Associates Inc. now owns 19,820 shares of the company’s stock valued at $189,000 after purchasing an additional 4,896 shares during the last quarter. Bank of America Corp DE lifted its stake in Lucid Group by 10.9% in the first quarter. Bank of America Corp DE now owns 1,919,073 shares of the company’s stock valued at $18,289,000 after purchasing an additional 189,134 shares during the last quarter. Finally, Edgestream Partners L.P. purchased a new position in Lucid Group in the first quarter valued at approximately $976,000. 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.
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