Lucid Group, Inc. (NASDAQ:LCID – Get Free Report)’s share price traded up 3% on Tuesday . The stock traded as high as $7.44 and last traded at $7.32. Approximately 12,267,729 shares were traded during mid-day trading, a decline of 14% from the average session volume of 14,188,376 shares. The stock had previously closed at $7.11.
Key Lucid Group News
Here are the key news stories impacting Lucid Group this week:
- Positive Sentiment: Lucid shares have attracted renewed attention from investors and traders after recent volatility, with some commentary arguing the stock could be undervalued relative to its long-term EV potential. 3 Reasons to Avoid LCID and 1 Stock to Buy Instead
- Neutral Sentiment: Several articles discuss Lucid’s business prospects, including whether the company can scale production and compete more effectively in the EV market, but these pieces are mostly opinion-based and do not report new operating data. Can Lucid Group (NASDAQ:LCID) Turn Ambition Into Scale?
- Negative Sentiment: Pomerantz LLP announced a class action against Lucid Group, Inc. and certain officers, adding to the legal pressure around alleged securities-law violations for investors who bought shares during the specified class period. Pomerantz Law Firm Announces the Filing of a Class Action Against Lucid Group, Inc. and Certain Officers – LCID
- Negative Sentiment: Multiple law firms issued deadline alerts and lead-plaintiff reminders for Lucid investors, which reinforces concerns that the company is dealing with a broad securities lawsuit and could face ongoing distraction and potential costs. LUCID DEADLINE: ROSEN, SKILLED INVESTOR COUNSEL, Encourages Lucid Group, Inc. Investors with Losses in Excess of $100K to Secure Counsel Before Important July 28 Deadline in Securities Class Action – LCID
- Negative Sentiment: Coverage also notes that Lucid’s stock has been under pressure over the past several months amid softer quarterly results, suggesting investors remain cautious about the company’s execution and near-term fundamentals. Why Lucid Group (LCID) Dipped More Than Broader Market Today
Analysts Set New Price Targets
A number of research firms have weighed in on LCID. Morgan Stanley set a $5.00 price objective on shares of Lucid Group in a research report on Wednesday, May 6th. Robert W. Baird set a $6.00 price objective on Lucid Group in a research note on Wednesday, May 6th. Citigroup restated a “buy” rating and issued a $14.00 target price (down from $17.00) on shares of Lucid Group in a report on Friday, May 15th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a research note on Wednesday, June 24th. Finally, Royal Bank Of Canada reiterated a “sector perform” rating and set a $7.00 price target (down from $8.00) on shares of Lucid Group in a report on Monday, July 13th. 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. According to data from MarketBeat.com, Lucid Group currently has an average rating of “Reduce” and an average target price of $9.56.
Lucid Group Stock Up 3.0%
The stock has a market capitalization of $2.86 billion, a price-to-earnings ratio of -0.55 and a beta of 0.83. The business has a fifty day moving average of $5.81 and a 200 day moving average of $8.23. The company has a debt-to-equity ratio of 3.00, a current ratio of 1.02 and a quick ratio of 0.48.
Hedge Funds Weigh In On Lucid Group
Several large investors have recently modified their holdings of the business. Handelsbanken Fonder AB lifted its stake in shares of Lucid Group by 81.9% in the 2nd quarter. Handelsbanken Fonder AB now owns 73,729 shares of the company’s stock valued at $493,000 after purchasing an additional 33,200 shares during the last quarter. CX Institutional increased its position in shares of Lucid Group by 69.6% during the 2nd quarter. CX Institutional now owns 13,207 shares of the company’s stock worth $88,000 after purchasing an additional 5,422 shares during the last quarter. Verus Capital Partners LLC acquired a new stake in shares of Lucid Group during the 1st quarter worth about $108,000. Essential Partners LLC purchased a new stake in Lucid Group in the 1st quarter valued at about $126,000. Finally, J. Derek Lewis & Associates Inc. raised its holdings in Lucid Group by 32.8% in the 1st quarter. J. Derek Lewis & Associates Inc. now owns 19,820 shares of the company’s stock valued at $189,000 after buying an additional 4,896 shares during the period. Institutional investors and hedge funds 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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