Lucid Group (NASDAQ:LCID) Stock Price Down 7% – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID) shares fell 7% during trading on Tuesday . The stock traded as low as $6.38 and last traded at $6.1850. 13,116,957 shares traded hands during trading, a decline of 15% from the average session volume of 15,371,072 shares. The stock had previously closed at $6.65.

Lucid Group News Roundup

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

• Positive Sentiment: Lucid completed its leadership transition and appointed Silvio Napoli as permanent CEO, which may help provide more stable execution and strategic direction going forward. Silvio Napoli Assumes Role as CEO of Lucid Following Completion of Leadership Transition
• Neutral Sentiment: Several law firms issued investor alerts and deadline reminders tied to a recently filed class-action lawsuit, indicating that the stock remains under close legal scrutiny. Berger Montague PC Investigating Claims on Behalf of Lucid Group, Inc. (NASDAQ: LCID) Investors After Class Action Filing
• Neutral Sentiment: Pomerantz and other firms also announced investigations on behalf of Lucid investors, keeping attention on allegations rather than operating fundamentals. INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Lucid Group, Inc. – LCID
• Negative Sentiment: A shareholder class action alleges Lucid made misleading statements about production, delivery capabilities, and a supplier-quality issue that disrupted Gravity deliveries, which could weigh on sentiment if the claims gain traction. LCID INVESTOR ALERT: Class Action Lawsuit Filed on Behalf of Lucid Group, Inc. Investors – Holzer & Holzer, LLC Encourages Investors With Losses to Contact the Firm

Analyst Ratings Changes

Several brokerages recently commented on LCID. Morgan Stanley set a $5.00 price target on Lucid Group in a research report on Wednesday, May 6th. Citigroup reiterated a “buy” rating and set a $14.00 price target (down from $17.00) on shares of Lucid Group in a research report on Friday, May 15th. Robert W. Baird set a $6.00 price target on Lucid Group in a research report on Wednesday, May 6th. Royal Bank Of Canada dropped their price target on Lucid Group from $10.00 to $8.00 and set a “sector perform” rating for the company in a research report on Monday, April 13th. Finally, Bank of America began coverage on Lucid Group in a research report on Wednesday, March 4th. They set an “underperform” rating and a $10.00 price target for the company. One equities research analyst has rated the stock with a Buy rating, seven have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Reduce” and a consensus target price of $9.67.

Lucid Group Trading Down 7.2%

The firm has a market capitalization of $2.41 billion, a PE ratio of -0.47 and a beta of 0.89. The company has a current ratio of 1.02, a quick ratio of 0.48 and a debt-to-equity ratio of 3.00. The business has a fifty day moving average price of $7.47 and a two-hundred day moving average price of $9.95.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($2.82) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.53) by ($0.29). The business had revenue of $282.47 million for the quarter, compared to analysts’ expectations of $358.46 million. Lucid Group had a negative return on equity of 304.01% and a negative net margin of 248.09%.The business’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.20) earnings per share. Analysts expect that Lucid Group, Inc. will post -10.75 EPS for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

Several institutional investors and hedge funds have recently modified their holdings of the company. Tudor Investment Corp ET AL purchased a new position in Lucid Group during the 3rd quarter valued at about $1,361,978,000. Uber Technologies Inc purchased a new position in Lucid Group during the 3rd quarter valued at about $326,283,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Lucid Group by 39.2% during the 2nd 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 period. Goldman Sachs Group Inc. boosted its holdings 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 valued at $13,166,000 after acquiring an additional 2,874,603 shares during the period. Finally, BNP Paribas Financial Markets boosted its holdings in Lucid Group by 93.5% during the 2nd quarter. BNP Paribas Financial Markets now owns 4,485,715 shares of the company’s stock valued at $9,465,000 after acquiring an additional 2,167,882 shares during the period. Hedge funds and other institutional investors own 75.17% of the company’s stock.

Lucid Group Company Profile

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.