Lucid Group (NASDAQ:LCID) Shares Up 1.2% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price traded up 1.2% during trading on Tuesday . The company traded as high as $5.46 and last traded at $5.15. 14,936,712 shares were traded during mid-day trading, an increase of 26% from the average session volume of 11,879,398 shares. The stock had previously closed at $5.09.

Key Lucid Group News

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

• Neutral Sentiment: Multiple law firms, including Rosen, Pomerantz, Bronstein, Gewirtz & Grossman, Faruqi & Faruqi, Bernstein Liebhard, Levi & Korsinsky, and Robbins LLP, announced or reiterated class-action claims tied to Lucid’s disclosures and alleged supplier-quality issues that reportedly disrupted Lucid Gravity deliveries. These notices may keep legal overhang front and center for investors.
• Negative Sentiment: TechCrunch reported that Emad Dlala, a top Lucid Motors executive, left the company amid a leadership shakeup under the new CEO, which can raise concerns about internal stability and execution at a time when the company is already facing scrutiny. Article Title
• Negative Sentiment: Yahoo Finance and Zacks noted that LCID fell more than the broader market in the previous session, and one explanation cited broader macro weakness after a hot inflation reading pushed expectations for a Fed rate hike higher. Article Title

Wall Street Analyst Weigh In

A number of research firms have recently commented on LCID. Evercore set a $6.00 target price on Lucid Group in a research report on Monday, May 11th. Morgan Stanley set a $5.00 target price on Lucid Group in a research note on Wednesday, May 6th. Citigroup reiterated a “buy” rating and issued a $14.00 target price (down from $17.00) on shares of Lucid Group in a research note on Friday, May 15th. Bank of America started coverage on Lucid Group in a 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 for the company in a report on Monday, April 13th. One equities research analyst has rated the stock with a Buy rating, seven have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, Lucid Group has a consensus rating of “Reduce” and an average price target of $9.67.

Lucid Group Stock Up 10.0%

The firm has a market capitalization of $2.02 billion, a P/E ratio of -0.39 and a beta of 0.89. 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 business’s fifty day moving average price is $6.83 and its two-hundred day moving average price is $9.54.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings results 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 the consensus estimate of $358.46 million. During the same quarter in the prior year, the business posted ($0.20) earnings per share. The firm’s quarterly revenue was up 20.2% on a year-over-year basis. Equities analysts expect that Lucid Group, Inc. will post -10.75 earnings per share for the current fiscal year.

Institutional Trading of Lucid Group

A number of institutional investors have recently modified their holdings of LCID. Jain Global LLC lifted its holdings in shares of Lucid Group by 13.3% during the fourth quarter. Jain Global LLC now owns 10,220 shares of the company’s stock worth $108,000 after purchasing an additional 1,200 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in shares of Lucid Group by 3.7% during the fourth quarter. The Manufacturers Life Insurance Company now owns 37,146 shares of the company’s stock worth $393,000 after purchasing an additional 1,336 shares during the period. Mercer Global Advisors Inc. ADV lifted its holdings in shares of Lucid Group by 11.8% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 13,590 shares of the company’s stock worth $144,000 after purchasing an additional 1,430 shares during the period. SBI Securities Co. Ltd. raised its position in Lucid Group by 9.6% during the fourth 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 position in Lucid Group by 16.0% during the fourth 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. 75.17% of the stock is currently owned by institutional investors.

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.