Lucid Group (NASDAQ:LCID) Reaches New 12-Month Low – Here’s Why

Shares of Lucid Group, Inc. (NASDAQ:LCID) reached a new 52-week low during trading on Friday . The stock traded as low as $5.11 and last traded at $5.2340, with a volume of 11695866 shares changing hands. The stock had previously closed at $5.68.

Lucid Group News Roundup

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

• Positive Sentiment: One note argued Lucid is deeply oversold and suggested the stock could rebound sharply if sentiment improves. Lucid Stock Is Deeply Oversold and We See 45% Gains Ahead
• Positive Sentiment: Lucid shareholders approved expanded 2021 equity incentive plans at the annual meeting, which may help the company retain and motivate employees. Lucid Shareholders Approve Expanded 2021 Equity Incentive Plans
• Neutral Sentiment: Lucid remains part of a three-way robotaxi agreement involving Uber and Nuro, which keeps its EV platform in a strategic mobility story, though the immediate stock impact is unclear. Uber reportedly commits $500m to robotaxi startup Nuro
• Negative Sentiment: A series of law firms, including Rosen, Wolf Haldenstein, Howard G. Smith, Pomerantz, Bernstein Liebhard, and others, announced or promoted class-action lawsuits and investigation notices against Lucid, creating a significant legal overhang and signaling possible investor concern about prior disclosures and financial results. Pomerantz Law Firm Announces the Filing of a Class Action Against Lucid Group, Inc. and Certain Officers – LCID
• Negative Sentiment: Recent commentary also highlighted leadership-transition and execution risks after Lucid appointed Silvio Napoli as CEO, with the stock facing renewed scrutiny over transparency and operational issues. Lucid Group CEO Shift Tests Execution, Transparency And Legal Risk

Wall Street Analyst Weigh In

A number of equities analysts have commented on LCID shares. Morgan Stanley set a $5.00 price objective on shares of Lucid Group in a research report on Wednesday, May 6th. Bank of America started coverage on shares of Lucid Group in a research report on Wednesday, March 4th. They set an “underperform” rating and a $10.00 price objective for the company. Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a research report on Friday, March 27th. Robert W. Baird set a $6.00 price objective on shares of Lucid Group in a research report on Wednesday, May 6th. Finally, Benchmark downgraded shares of Lucid Group from a “buy” rating to a “hold” rating in a research report on Wednesday, May 6th. One investment analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, Lucid Group currently has a consensus rating of “Reduce” and an average target price of $9.67.

Lucid Group Stock Performance

The company has a market cap of $1.99 billion, a PE 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 stock’s 50-day simple moving average is $7.10 and its 200 day simple moving average is $9.72.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($2.82) EPS for the quarter, missing analysts’ consensus estimates of ($2.53) by ($0.29). Lucid Group had a negative return on equity of 304.01% and a negative net margin of 248.09%.The firm had revenue of $282.47 million for the quarter, compared to analysts’ expectations of $358.46 million. During the same quarter in the previous year, the company posted ($0.20) EPS. The firm’s quarterly revenue was up 20.2% compared to the same quarter last year. As a group, equities analysts anticipate that Lucid Group, Inc. will post -10.75 EPS for the current year.

Hedge Funds Weigh In On Lucid Group

A number of institutional investors and hedge funds have recently made changes to their positions in LCID. EverSource Wealth Advisors LLC grew its stake in shares of Lucid Group by 1,574.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company’s stock worth $28,000 after purchasing an additional 2,740 shares during the period. Brown Advisory Inc. boosted its stake in shares of Lucid Group by 47.5% during the 2nd quarter. Brown Advisory Inc. now owns 15,530 shares of the company’s stock worth $33,000 after acquiring an additional 5,000 shares in the last quarter. Jump Financial LLC purchased a new stake in shares of Lucid Group during the 2nd quarter worth approximately $41,000. Worldquant Millennium Advisors LLC purchased a new stake in shares of Lucid Group during the 2nd quarter worth approximately $59,000. Finally, Leonteq Securities AG purchased a new stake in shares of Lucid Group during the 4th quarter worth approximately $67,000. 75.17% of the stock is owned by institutional investors and hedge funds.

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.