Lucid Group (NASDAQ:LCID) Trading Down 3.7% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s stock price traded down 3.7% on Monday . The stock traded as low as $5.07 and last traded at $5.16. 10,433,697 shares changed hands during trading, a decline of 13% from the average daily volume of 12,047,155 shares. The stock had previously closed at $5.36.

More Lucid Group News

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

• Negative Sentiment: The workforce reduction and management shake-up signal ongoing pressure at Lucid as it works to improve profitability and align output with weaker-than-expected demand. Lucid to lay off roughly 18% of U.S. workforce, COO Marc Winterhoff leaves
• Negative Sentiment: This is Lucid’s second major layoff round this year, reinforcing investor concerns that the EV maker is still struggling to scale efficiently. Lucid Motors’ new CEO cuts 18% of staff to ‘simplify the company’
• Negative Sentiment: The company expects about $158 million in annualized cost savings, but the savings come alongside slower production plans and broader uncertainty around growth. Lucid slashes US workforce amid cost-cutting push
• Neutral Sentiment: Several investor-rights firms also highlighted an active securities class action and a July 28 lead-plaintiff deadline, which adds legal overhang but does not change the immediate operating story. LCID Investors Have Opportunity to Lead Lucid Group, Inc. Securities Fraud Lawsuit with the Schall Law Firm

Wall Street Analysts Forecast Growth

LCID has been the topic of several recent research reports. Benchmark downgraded shares of Lucid Group from a “buy” rating to a “hold” rating in a research report on Wednesday, May 6th. Cantor Fitzgerald restated a “neutral” rating and issued a $14.00 price target on shares of Lucid Group in a research report on Monday, May 4th. Royal Bank Of Canada dropped their price target on shares of Lucid Group from $10.00 to $8.00 and set a “sector perform” rating for the company in a research note on Monday, April 13th. Zacks Research upgraded shares of Lucid Group from a “strong sell” rating to a “hold” rating in a report on Thursday, March 5th. Finally, Evercore set a $6.00 price objective on shares of Lucid Group in a research note on Monday, May 11th. One investment analyst has rated the stock with a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Lucid Group presently has an average rating of “Reduce” and a consensus target price of $9.67.

Lucid Group Stock Down 3.7%

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 company has a market capitalization of $2.01 billion, a P/E ratio of -0.39 and a beta of 0.89. The stock has a 50-day moving average price of $6.24 and a 200-day moving average price of $9.16.

Lucid Group (NASDAQ:LCID) last announced its earnings results on Tuesday, May 5th. The company reported ($2.82) EPS for the quarter, missing the consensus estimate 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 company had revenue of $282.46 million during the quarter, compared to the consensus estimate of $358.46 million. During the same quarter in the previous year, the company earned ($0.20) earnings per share. The business’s revenue was up 20.2% on a year-over-year basis. On average, research analysts predict that Lucid Group, Inc. will post -10.75 EPS for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

A number of institutional investors have recently modified their holdings of LCID. Tudor Investment Corp ET AL acquired a new stake in shares of Lucid Group during the third quarter worth $1,361,978,000. Uber Technologies Inc acquired a new position in Lucid Group in the third quarter valued at $326,283,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Lucid Group by 39.2% in 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 buying an additional 3,465,542 shares during the period. Vanguard Group Inc. boosted its position in Lucid Group by 6.2% during the fourth quarter. Vanguard Group Inc. now owns 12,061,286 shares of the company’s stock valued at $127,488,000 after acquiring an additional 701,826 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in 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 during the last quarter. 75.17% of the stock is owned by institutional investors.

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.