Lucid Group (NASDAQ:LCID) Shares Up 9% – Should You Buy?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price was up 9% during trading on Monday . The stock traded as high as $6.63 and last traded at $6.6250. Approximately 8,149,121 shares were traded during mid-day trading, a decline of 34% from the average session volume of 12,322,510 shares. The stock had previously closed at $6.08.

Lucid Group News Roundup

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

• Positive Sentiment: Lucid’s Q2 production and deliveries rose year over year, which helped offset some of the recent disappointment around the company’s outlook and suggests the EV maker is still growing volumes. Article Title
• Positive Sentiment: New California EV incentives could support demand for Lucid vehicles, and recent commentary says the state’s first-time buyer benefits may favor Lucid and Rivian while excluding Tesla. Article Title
• Neutral Sentiment: Reports that Lucid is cutting its Europe workforce and narrowing its regional push to a smaller set of countries signal a more focused international strategy, but also highlight slower-than-expected expansion. Article Title
• Negative Sentiment: Multiple law firms are reminding investors about a pending securities class action and a July 28 lead-plaintiff deadline, keeping litigation risk in focus and adding a negative overhang on sentiment. Article Title
• Negative Sentiment: The lawsuit allegations center on weaker-than-promised deliveries and large quarterly losses, reinforcing concerns that Lucid is still struggling to execute on guidance and improve profitability. Article Title

Analysts Set New Price Targets

A number of brokerages have recently commented on LCID. Evercore set a $6.00 price target on shares of Lucid Group in a research note on Monday, May 11th. Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a report on Wednesday, June 24th. Royal Bank Of Canada lowered their target price 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. TD Cowen cut their price target on shares of Lucid Group from $10.00 to $7.00 and set a “hold” rating for the company in a report on Wednesday, May 6th. Finally, Cantor Fitzgerald restated a “neutral” rating and issued a $14.00 target price on shares of Lucid Group in a research note on Monday, May 4th. One equities research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus price target of $9.67.

Lucid Group Stock Up 9.3%

The company has a market cap of $2.59 billion, a P/E ratio of -0.51 and a beta of 0.83. The company’s 50-day moving average is $5.82 and its two-hundred day moving average is $8.66. The company has a debt-to-equity ratio of 3.00, a current ratio of 1.02 and a quick ratio of 0.48.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of LCID. CX Institutional increased its position in shares of Lucid Group by 69.6% in the second quarter. CX Institutional now owns 13,207 shares of the company’s stock valued at $88,000 after buying an additional 5,422 shares in the last quarter. Verus Capital Partners LLC purchased a new stake in Lucid Group during the first quarter valued at about $108,000. Essential Partners LLC bought a new stake in Lucid Group during the 1st quarter valued at approximately $126,000. J. Derek Lewis & Associates Inc. lifted its position in Lucid Group by 32.8% during 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 period. Finally, Bank of America Corp DE grew its stake in Lucid Group by 10.9% during the 1st quarter. Bank of America Corp DE now owns 1,919,073 shares of the company’s stock worth $18,289,000 after buying an additional 189,134 shares during the last quarter. 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.