Lucid Group (NASDAQ:LCID) Shares Down 7.4% - What's Next?

Key Points

• Lucid Group shares fell 7.4% on Wednesday, trading as low as $6.69 and closing near $6.78, with volume above its daily average.
• Analyst sentiment remains cautious: Zacks cut Lucid from hold to strong sell, and the stock’s broader consensus rating is now Reduce with a $9.56 average price target.
• Despite the selloff, Lucid still has a bullish long-term case tied to its luxury EV production ramp and a large Saudi government purchase agreement, though class-action notices and legal risk may be weighing on sentiment.

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) fell 7.4% during trading on Wednesday . The stock traded as low as $6.69 and last traded at $6.78. Approximately 16,992,930 shares traded hands during trading, an increase of 20% from the average session volume of 14,217,721 shares. The stock had previously closed at $7.32.

Key Stories Impacting Lucid Group

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

• Positive Sentiment: A Motley Fool article compares Lucid with Archer Aviation and notes that Lucid still has a major growth story through its luxury EV production ramp and a large purchase agreement with the Saudi government, which supports the long-term investment case. Article Title
• Neutral Sentiment: LCID was downgraded by Zacks Research from hold to strong sell, and other brokerage coverage shows an average rating of reduce, reinforcing cautious sentiment from analysts. Article Title
• Negative Sentiment: Multiple class-action notices may weigh on sentiment because they spotlight alleged investor harm, legal uncertainty, and the risk of further headlines around Lucid’s past disclosures and operating performance. Article Title

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on LCID shares. TD Cowen cut their price objective on shares of Lucid Group from $10.00 to $7.00 and set a "hold" rating for the company in a research note on Wednesday, May 6th. Robert W. Baird set a $6.00 price target on shares of Lucid Group in a research note on Wednesday, May 6th. Cantor Fitzgerald restated a "neutral" rating and set a $14.00 price target on shares of Lucid Group in a research report on Monday, May 4th. Zacks Research cut Lucid Group from a "hold" rating to a "strong sell" rating in a research note on Monday. Finally, Royal Bank Of Canada reiterated a "sector perform" rating and issued a $7.00 price objective (down from $8.00) on shares of Lucid Group in a report on Monday, July 13th. One research analyst has rated the stock with a Buy rating, six have issued a Hold rating and four have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Reduce" and a consensus price target of $9.56.

Lucid Group Price Performance

The stock has a market cap of $2.65 billion, a PE ratio of -0.51 and a beta of 0.83. The business's 50-day simple moving average is $5.84 and its 200-day simple moving average is $8.21. The company has a quick ratio of 0.48, a current ratio of 1.02 and a debt-to-equity ratio of 3.00.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Uber Technologies Inc bought a new stake in shares of Lucid Group in the 3rd quarter worth approximately $326,283,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of 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 acquiring an additional 3,465,542 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Lucid Group by 112.0% during the first quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company's stock valued at $13,166,000 after acquiring an additional 2,874,603 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in Lucid Group by 93.5% in the second quarter. BNP Paribas Financial Markets now owns 4,485,715 shares of the company's stock worth $9,465,000 after acquiring an additional 2,167,882 shares during the period. Finally, HRT Financial LP lifted its stake in Lucid Group by 148.1% in the second quarter. HRT Financial LP now owns 3,465,146 shares of the company's stock worth $7,311,000 after acquiring an additional 2,068,440 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.

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