Lucid Group (NASDAQ:LCID) Trading 9% Higher – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID)’s share price was up 9% during trading on Monday . The stock traded as high as $6.63 and last traded at $6.6250. Approximately 8,149,121 shares were traded during mid-day trading, a decline of 34% from the average session volume of 12,322,510 shares. The stock had previously closed at $6.08.

Key Stories Impacting Lucid Group

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

• Positive Sentiment: Lucid’s Q2 production and deliveries rose year over year, which helped offset some of the recent disappointment around the company’s outlook and suggests the EV maker is still growing volumes. Article Title
• Positive Sentiment: New California EV incentives could support demand for Lucid vehicles, and recent commentary says the state’s first-time buyer benefits may favor Lucid and Rivian while excluding Tesla. Article Title
• Neutral Sentiment: Reports that Lucid is cutting its Europe workforce and narrowing its regional push to a smaller set of countries signal a more focused international strategy, but also highlight slower-than-expected expansion. Article Title
• Negative Sentiment: Multiple law firms are reminding investors about a pending securities class action and a July 28 lead-plaintiff deadline, keeping litigation risk in focus and adding a negative overhang on sentiment. Article Title
• Negative Sentiment: The lawsuit allegations center on weaker-than-promised deliveries and large quarterly losses, reinforcing concerns that Lucid is still struggling to execute on guidance and improve profitability. Article Title

Analysts Set New Price Targets

LCID has been the subject of a number of research reports. Cantor Fitzgerald reissued a “neutral” rating and issued a $14.00 price target on shares of Lucid Group in a research report on Monday, May 4th. TD Cowen decreased their price objective on Lucid Group from $10.00 to $7.00 and set a “hold” rating on the stock in a research note on Wednesday, May 6th. Robert W. Baird set a $6.00 price target on Lucid Group in a research report on Wednesday, May 6th. Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a report on Wednesday, June 24th. Finally, Evercore set a $6.00 price objective on shares of Lucid Group in a research note on Monday, May 11th. One equities research 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’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $9.67.

Lucid Group Price Performance

The firm has a market cap of $2.59 billion, a P/E ratio of -0.51 and a beta of 0.83. The company has a current ratio of 1.02, a quick ratio of 0.48 and a debt-to-equity ratio of 3.00. The business has a 50-day moving average of $5.82 and a two-hundred day moving average of $8.66.

Institutional Investors Weigh In On Lucid Group

A number of large investors have recently modified their holdings of the business. Jain Global LLC grew its position in Lucid Group by 13.3% in the 4th 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 boosted its stake in Lucid Group by 3.7% in the 4th 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 increased its holdings in Lucid Group by 11.8% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 13,590 shares of the company’s stock valued at $144,000 after purchasing an additional 1,430 shares during the period. SBI Securities Co. Ltd. lifted its holdings 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 purchasing an additional 1,569 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH lifted 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 purchasing an additional 1,604 shares during the period. Institutional investors and hedge funds 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.