Lucid Group (NASDAQ:LCID) Shares Up 9.5% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID) shares shot up 9.5% on Monday . The company traded as high as $6.78 and last traded at $6.66. Approximately 14,200,212 shares traded hands during trading, an increase of 15% from the average session volume of 12,373,248 shares. The stock had previously closed at $6.08.

Lucid Group News Roundup

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

• Negative Sentiment: Several law firms announced or promoted securities class action claims against Lucid Group, with allegations of investor harm and a looming lead plaintiff deadline, adding legal overhang for the stock.
• Negative Sentiment: One complaint alleges Lucid overstated its manufacturing and delivery capabilities and failed to disclose a supplier quality problem that disrupted Gravity deliveries, which could weigh on confidence in execution.
• Neutral Sentiment: Lucid also disclosed an $800 million liquidity draw, which may help near-term funding flexibility but reinforces the company’s capital-intensive business model and ongoing financing needs. Article link
• Negative Sentiment: Broader EV-sector weakness also appears to be a factor, with reports that the rally reversed and Lucid fell alongside Rivian, suggesting investors are rotating out of the group.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Evercore set a $6.00 price objective on Lucid Group in a report on Monday, May 11th. TD Cowen decreased their target price on shares of Lucid Group from $10.00 to $7.00 and set a “hold” rating for the company in a research report on Wednesday, May 6th. Morgan Stanley set a $5.00 price target on shares of Lucid Group in a research note on Wednesday, May 6th. Benchmark downgraded shares of Lucid Group from a “buy” rating to a “hold” rating in a report on Wednesday, May 6th. Finally, Royal Bank Of Canada reduced their price objective on shares of Lucid Group from $10.00 to $8.00 and set a “sector perform” rating for the company in a research note on Monday, April 13th. One investment analyst has rated the stock with a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average target price of $9.67.

Lucid Group Price Performance

The company has a debt-to-equity ratio of 3.00, a current ratio of 1.02 and a quick ratio of 0.48. The stock’s 50 day moving average price is $5.82 and its two-hundred day moving average price is $8.59. The firm has a market capitalization of $2.27 billion, a price-to-earnings ratio of -0.44 and a beta of 0.83.

Institutional Investors Weigh In On Lucid Group

Hedge funds have recently bought and sold shares of the company. Tudor Investment Corp ET AL bought a new stake in shares of Lucid Group in the 3rd quarter valued at about $1,361,978,000. Uber Technologies Inc bought a new position in shares of Lucid Group during the third quarter worth $326,283,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Lucid Group by 39.2% in 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 buying an additional 3,465,542 shares during the period. Goldman Sachs Group Inc. increased its position in shares of Lucid Group by 112.0% in the 1st 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 in the last quarter. Finally, BNP Paribas Financial Markets increased its position in shares of Lucid Group by 93.5% in the 2nd quarter. BNP Paribas Financial Markets now owns 4,485,715 shares of the company’s stock valued at $9,465,000 after buying an additional 2,167,882 shares in the last quarter. 75.17% of the stock is currently owned by institutional investors.

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.