Lucid Group, Inc. (NASDAQ:LCID – Get Free Report) shares dropped 7.7% during trading on Friday . The company traded as low as $7.48 and last traded at $7.4950. 3,222,289 shares changed hands during trading, a decline of 77% from the average session volume of 14,224,956 shares. The stock had previously closed at $8.12.
Key Headlines Impacting Lucid Group
Here are the key news stories impacting Lucid Group this week:
- Positive Sentiment: Saudi billionaire Prince Alwaleed’s reported $129.5 million investment and 5% stake previously supported investor optimism about Lucid’s access to capital and strategic backing. However, the company must still demonstrate that this support can translate into stronger operations and vehicle deliveries. Lucid stock surges Tuesday following Prince Alwaleed’s 5% stake disclosure
- Neutral Sentiment: Lucid’s next earnings update on Aug. 4 is likely to be the main near-term catalyst. Analysts and investors are expected to weigh the company’s substantial cash position against continued concerns about production, demand and execution. Should You Buy Lucid Stock Before Aug. 4?
- Negative Sentiment: Lucid shares have fallen roughly 96% over five years, highlighting the severity of the company’s value destruction. Reports that bankruptcy rumors are increasingly influencing trading add to concerns about Lucid’s ability to remain viable in a weakening U.S. EV market. Lucid Shares Down 96% In Five Years
- Negative Sentiment: A broad selloff in electric-vehicle stocks is weighing on Lucid, with the company declining alongside Rivian despite Rivian’s quarterly beat and higher guidance. The reaction suggests investors are reducing exposure to the sector amid concerns about EV demand, profitability and execution. Rivian Sinks 8% Despite Q2 Beat and Raised Guidance; Lucid Falls 6%
- Negative Sentiment: Historical analysis that Tesla tends to suffer outsized declines during market shocks reinforces the risk-off backdrop for high-volatility EV manufacturers such as Lucid, although it does not represent a company-specific development. Tesla Stock Falls More Than Twice as Far as the Market in a Shock
Wall Street Analyst Weigh In
A number of brokerages have recently weighed in on LCID. Zacks Research cut Lucid Group from a “hold” rating to a “strong sell” rating in a research report on Monday, July 20th. Cantor Fitzgerald reissued a “neutral” rating and issued a $14.00 price objective on shares of Lucid Group in a research note on Monday, May 4th. Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a report on Wednesday, June 24th. Benchmark cut shares of Lucid Group from a “buy” rating to a “hold” rating in a research report on Wednesday, May 6th. Finally, Citigroup reaffirmed 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. One investment analyst has rated the stock with a Buy rating, six have issued a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus target price of $9.56.
Lucid Group Stock Down 6.6%
The firm’s 50 day moving average is $6.01 and its two-hundred day moving average is $8.01. The stock has a market cap of $2.96 billion, a price-to-earnings ratio of -0.58 and a beta of 0.83. The company has a current ratio of 1.02, a quick ratio of 0.48 and a debt-to-equity ratio of 3.00.
Hedge Funds Weigh In On Lucid Group
Institutional investors have recently modified their holdings of the company. Royal Bank of Canada lifted its stake in shares of 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 buying an additional 9,578 shares during the period. AQR Capital Management LLC raised its holdings in Lucid Group by 89.9% in the 1st quarter. AQR Capital Management LLC now owns 537,801 shares of the company’s stock valued at $1,226,000 after acquiring an additional 254,551 shares during the last quarter. NewEdge Advisors LLC raised its holdings in Lucid Group by 103.2% in the 1st quarter. NewEdge Advisors LLC now owns 37,987 shares of the company’s stock valued at $92,000 after acquiring an additional 19,294 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of 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. Finally, Empowered Funds LLC lifted its stake 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 worth $268,000 after purchasing an additional 11,252 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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