Lucid Group (NASDAQ:LCID) Shares Down 10% – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID)’s stock price fell 10% during mid-day trading on Friday . The company traded as low as $5.09 and last traded at $5.11. 24,246,451 shares traded hands during trading, an increase of 105% from the average session volume of 11,805,322 shares. The stock had previously closed at $5.68.

Key Lucid Group News

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

• Positive Sentiment: Lucid is also being linked to a broader electric-vehicle and autonomy ecosystem, with reports that Uber is committing capital to Nuro, which is part of a three-way agreement involving Uber and Lucid; that could support longer-term strategic interest in the company. Uber reportedly commits $500m to robotaxi startup Nuro
• Neutral Sentiment: Lucid shares have been the subject of repeated investor-alert articles and “what’s going on” coverage, reflecting elevated attention and uncertainty rather than a new operational announcement. Lucid shares pause Thursday: What’s going on?
• Negative Sentiment: Several law firms announced or renewed class-action claims alleging Lucid and certain executives violated federal securities laws, which tends to weigh on sentiment by increasing legal risk and potential costs. SHAREHOLDER ALERT Bernstein Liebhard LLP Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against Lucid Group, Inc. (LCID)
• Negative Sentiment: Analyst-style follow-up pieces highlighted that Lucid is down since its last earnings report, reinforcing concerns about execution after a disappointing quarter and keeping focus on whether the stock can rebound. Lucid Group (LCID) Down 7.6% Since Last Earnings Report: Can It Rebound?

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Bank of America assumed coverage on Lucid Group in a research note on Wednesday, March 4th. They set an “underperform” rating and a $10.00 target price on the stock. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $14.00 target price on shares of Lucid Group in a research note on Monday, May 4th. Morgan Stanley set a $5.00 target price on Lucid Group in a research note on Wednesday, May 6th. Evercore set a $6.00 target price on Lucid Group in a research note on Monday, May 11th. Finally, Royal Bank Of Canada cut their target price on Lucid Group from $10.00 to $8.00 and set a “sector perform” rating on the stock in a research note on Monday, April 13th. One 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, the stock has an average rating of “Reduce” and an average target price of $9.67.

Lucid Group Stock Down 10.0%

The firm has a 50 day simple moving average of $7.21 and a two-hundred day simple moving average of $9.75. The company has a debt-to-equity ratio of 3.00, a quick ratio of 0.48 and a current ratio of 1.02. The stock has a market cap of $1.99 billion, a P/E ratio of -0.39 and a beta of 0.89.

Lucid Group (NASDAQ:LCID) last announced its earnings results on Tuesday, May 5th. The company reported ($2.82) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $282.47 million for the quarter, compared to the consensus estimate of $358.46 million. During the same period in the previous year, the firm earned ($0.20) EPS. The firm’s revenue was up 20.2% on a year-over-year basis. Equities research analysts predict that Lucid Group, Inc. will post -10.75 earnings per share for the current year.

Institutional Trading of Lucid Group

Hedge funds and other institutional investors have recently modified their holdings of the company. Jain Global LLC raised its holdings in Lucid Group by 13.3% in the 4th quarter. Jain Global LLC now owns 10,220 shares of the company’s stock valued at $108,000 after acquiring an additional 1,200 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Lucid Group by 3.7% in the 4th quarter. The Manufacturers Life Insurance Company now owns 37,146 shares of the company’s stock valued at $393,000 after acquiring an additional 1,336 shares in the last quarter. Mercer Global Advisors Inc. ADV raised its holdings in Lucid Group by 11.8% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 13,590 shares of the company’s stock valued at $144,000 after acquiring an additional 1,430 shares in the last quarter. SBI Securities Co. Ltd. raised its holdings in Lucid Group by 9.6% in the 4th quarter. SBI Securities Co. Ltd. now owns 17,970 shares of the company’s stock valued at $190,000 after acquiring an additional 1,569 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH raised its holdings in Lucid Group by 16.0% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 11,645 shares of the company’s stock valued at $123,000 after acquiring an additional 1,604 shares in the last quarter. 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.