Lucid Group (NASDAQ:LCID) Hits New 1-Year Low - Here's Why

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $4.70 and last traded at $4.70, with a volume of 21437652 shares. The stock had previously closed at $5.15.

Trending Headlines about Lucid Group

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

• Positive Sentiment: Lucid announced a rollout of hands-free driving assist and other software upgrades for the Gravity SUV in North America, which could support the product story and highlight ongoing technology progress. Lucid Rolls Out Hands-Free Driving Assist and New Software Features for Lucid Gravity in North America
• Neutral Sentiment: Analysts and market commentators continued debating Lucid’s outlook, including comparisons with Rivian and commentary that the stock is trading near 52-week lows; these pieces may influence trading sentiment but do not change fundamentals on their own. Rivian vs Lucid: This EV Stock Is The Better Buy
• Negative Sentiment: Several law firms issued reminders about a pending securities class action against Lucid Group, citing alleged investor harm and setting a July 28 deadline to seek lead-plaintiff status. This kind of litigation chatter often pressures shares by increasing uncertainty and potential costs. LCID DEADLINE: Levi & Korsinsky Reminds Lucid Group, Inc. Investors of Upcoming Securities Class Action Deadline
• Negative Sentiment: Another headline said a top Lucid executive departed amid a leadership shakeup, adding to concerns about internal stability at a time when the company is already facing heavy scrutiny. Top Lucid Motors executive departs amid new CEO's leadership shakeup
• Negative Sentiment: A market recap noted Lucid “dipped more than broader market” as the stock settled at $4.70, reinforcing the bearish tone around the name following recent weakness and lawsuit-related headlines. Why Lucid Group (LCID) Dipped More Than Broader Market Today

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. TD Cowen reduced their target price on shares of Lucid Group from $10.00 to $7.00 and set a "hold" rating on the stock in a report on Wednesday, May 6th. Morgan Stanley set a $5.00 target price on shares of Lucid Group in a report on Wednesday, May 6th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Lucid Group in a report on Friday, March 27th. Robert W. Baird set a $6.00 target price on shares of Lucid Group in a report on Wednesday, May 6th. Finally, Zacks Research upgraded shares of Lucid Group from a "strong sell" rating to a "hold" rating in a report on Thursday, March 5th. One investment analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, Lucid Group has a consensus rating of "Reduce" and a consensus price target of $9.67.

Lucid Group Price Performance

The stock's fifty day moving average price is $6.83 and its two-hundred day moving average price is $9.54. The firm has a market capitalization of $1.83 billion, a price-to-earnings ratio of -0.36 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.

Lucid Group (NASDAQ:LCID - Get Free Report) last announced its quarterly earnings data 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). Lucid Group had a negative net margin of 248.09% and a negative return on equity of 304.01%. The firm had revenue of $282.47 million during the quarter, compared to analyst estimates of $358.46 million. During the same quarter in the previous year, the business posted ($0.20) earnings per share. Lucid Group's revenue for the quarter was up 20.2% compared to the same quarter last year. Equities research analysts expect that Lucid Group, Inc. will post -10.75 EPS for the current year.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Jain Global LLC raised its holdings in shares of 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 purchasing an additional 1,200 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in Lucid Group by 3.7% during the 4th quarter. The Manufacturers Life Insurance Company now owns 37,146 shares of the company's stock worth $393,000 after acquiring an additional 1,336 shares in the last quarter. Mercer Global Advisors Inc. ADV raised its stake in Lucid Group by 11.8% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 13,590 shares of the company's stock worth $144,000 after acquiring an additional 1,430 shares in the last quarter. SBI Securities Co. Ltd. raised its stake in Lucid Group by 9.6% during the 4th quarter. SBI Securities Co. Ltd. now owns 17,970 shares of the company's stock worth $190,000 after acquiring an additional 1,569 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH raised its stake in Lucid Group by 16.0% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 11,645 shares of the company's stock worth $123,000 after acquiring an additional 1,604 shares in the last quarter. 75.17% of the stock is currently owned by institutional investors and hedge funds.

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.

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