Lucid Group (NASDAQ:LCID) Shares Down 8.7% – Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID) fell 8.7% during trading on Wednesday . The company traded as low as $4.70 and last traded at $4.70. 20,890,718 shares traded hands during trading, an increase of 75% from the average session volume of 11,962,236 shares. The stock had previously closed at $5.15.

Lucid Group News Roundup

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

• Positive Sentiment: Lucid announced the rollout of hands-free driving assist and new over-the-air software features for the Lucid Gravity SUV in North America, a product update that could support the company’s technology narrative and vehicle appeal. Lucid Rolls Out Hands-Free Driving Assist and New Software Features for Lucid Gravity in North America
• Neutral Sentiment: A TechCrunch report said top Lucid executive Emad Dlala departed amid the new CEO’s leadership shakeup, adding another management-level change that investors may watch for signs of strategic disruption. Top Lucid Motors executive departs amid new CEO’s leadership shakeup
• Neutral Sentiment: Several outlets noted Lucid trading near 52-week lows, while a broader “Rivian vs. Lucid” comparison kept attention on the EV maker but did not add clear fundamental news. Lucid Shares Trade Near 52-Week Lows: Is The Bottom In?
• Negative Sentiment: Multiple law firms, including Rosen, Bernstein Liebhard, Faruqi & Faruqi, Levi & Korsinsky, Pomerantz, Schall, and others, announced or promoted class-action litigation and lead-plaintiff deadlines against Lucid, which signals ongoing legal overhang and can keep pressure on the stock. Pomerantz Law Firm Announces the Filing of a Class Action Against Lucid Group, Inc. and Certain Officers – LCID
• Negative Sentiment: One recent report said Lucid “cracks are starting to show” ahead of its midsize launch, reinforcing concerns about execution and near-term fundamentals. Lucid: Cracks Are Starting To Show Ahead Of Midsize Launch (Rating Downgrade)

Analysts Set New Price Targets

A number of brokerages have recently commented on LCID. Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a report on Friday, March 27th. TD Cowen reduced 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. Zacks Research upgraded shares of Lucid Group from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 5th. Bank of America initiated coverage on Lucid Group in a research report on Wednesday, March 4th. They issued an “underperform” rating and a $10.00 price objective for the company. Finally, Royal Bank Of Canada decreased their price objective 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. One investment analyst has rated the stock with a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $9.67.

Lucid Group Trading Down 8.7%

The company has a 50-day simple moving average of $6.92 and a 200-day simple moving average of $9.59. 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 $1.83 billion, a P/E ratio of -0.36 and a beta of 0.89.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($2.82) earnings per share (EPS) 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 during the quarter, compared to the consensus estimate of $358.46 million. During the same quarter in the previous year, the firm posted ($0.20) EPS. The company’s revenue for the quarter was up 20.2% compared to the same quarter last year. On average, sell-side analysts forecast that Lucid Group, Inc. will post -10.75 EPS for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

Institutional investors and hedge funds have recently made changes to their positions in the company. Tudor Investment Corp ET AL acquired a new stake in shares of Lucid Group during the third quarter worth $1,361,978,000. Uber Technologies Inc acquired a new position in Lucid Group during the third quarter valued at approximately $326,283,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Lucid Group by 39.2% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company’s stock valued at $25,973,000 after purchasing an additional 3,465,542 shares during the last quarter. Vanguard Group Inc. raised its stake in Lucid Group by 6.2% in the fourth quarter. Vanguard Group Inc. now owns 12,061,286 shares of the company’s stock valued at $127,488,000 after buying an additional 701,826 shares during the period. Finally, Goldman Sachs Group Inc. raised its stake in Lucid Group by 112.0% in the first quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock valued at $13,166,000 after buying an additional 2,874,603 shares during the period. 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.