Lucid Group (NASDAQ:LCID) Trading Down 9.1% – Here’s What Happened

Shares of Lucid Group, Inc. (NASDAQ:LCID) traded down 9.1% on Friday . The company traded as low as $7.29 and last traded at $7.38. Approximately 9,187,708 shares traded hands during trading, a decline of 36% from the average daily volume of 14,258,029 shares. The stock had previously closed at $8.12.

More Lucid Group News

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

• Positive Sentiment: Lucid is scheduled to report results on Aug. 4. Investors will focus on deliveries, cash usage and production guidance; a credible execution update could provide a catalyst. The company is described as having substantial cash, which may reduce near-term financing concerns. Should You Buy Lucid Stock Before Aug. 4?
• Positive Sentiment: Saudi billionaire Prince Alwaleed’s reported $129.5 million investment and 5% stake disclosure previously raised hopes of stronger financial backing and strategic support for Lucid. Lucid Stock Surges Tuesday Following Prince Alwaleed’s 5% Stake Disclosure
• Neutral Sentiment: Lucid had recently outperformed the broader market in a single session, but that move appears to have provided little lasting support as investors return attention to fundamentals. Lucid Group Outpaces Stock Market Gains
• Negative Sentiment: EV shares are selling off broadly, with Lucid falling in sympathy as Rivian also declined despite reporting a quarterly beat and raising full-year guidance. The reaction suggests investors remain concerned about demand, profitability and the sector’s outlook. Rivian Sinks Despite Q2 Beat and Raised Guidance; Lucid Falls
• Negative Sentiment: Lucid’s shares are down 96% over five years, highlighting persistent investor concerns about its ability to scale production, generate sustainable demand and reach profitability. Bankruptcy rumors are adding to the pressure, although they remain speculation. Lucid Shares Down 96% in Five Years

Analyst Upgrades and Downgrades

Several equities analysts have commented on LCID shares. Benchmark cut Lucid Group from a “buy” rating to a “hold” rating in a report on Wednesday, May 6th. Citigroup restated a “buy” rating and set a $14.00 price objective (down from $17.00) on shares of Lucid Group in a research report on Friday, May 15th. Royal Bank Of Canada restated a “sector perform” rating and issued a $7.00 target price (down from $8.00) on shares of Lucid Group in a research note on Monday, July 13th. Robert W. Baird set a $6.00 target price on Lucid Group in a research report on Wednesday, May 6th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a research note on Wednesday, June 24th. 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 a consensus rating of “Reduce” and an average target price of $9.56.

Lucid Group Trading Down 9.1%

The company has a debt-to-equity ratio of 3.00, a current ratio of 1.02 and a quick ratio of 0.48. The business’s 50 day simple moving average is $6.01 and its 200 day simple moving average is $8.01. The stock has a market cap of $2.88 billion, a P/E ratio of -0.56 and a beta of 0.83.

Hedge Funds Weigh In On Lucid Group

Several hedge funds and other institutional investors have recently modified their holdings of LCID. Handelsbanken Fonder AB grew its position in Lucid Group by 81.9% in the second quarter. Handelsbanken Fonder AB now owns 73,729 shares of the company’s stock valued at $493,000 after acquiring an additional 33,200 shares during the period. CX Institutional lifted its holdings in shares of Lucid Group by 69.6% during the second quarter. CX Institutional now owns 13,207 shares of the company’s stock valued at $88,000 after acquiring an additional 5,422 shares during the period. Verus Capital Partners LLC bought a new position in shares of Lucid Group during the first quarter valued at $108,000. Essential Partners LLC acquired a new stake in shares of Lucid Group in the 1st quarter valued at $126,000. Finally, J. Derek Lewis & Associates Inc. grew its holdings in shares of Lucid Group by 32.8% in the 1st quarter. J. Derek Lewis & Associates Inc. now owns 19,820 shares of the company’s stock worth $189,000 after purchasing an additional 4,896 shares during the last quarter. 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.