Lucid Group shares drop 4.9% amid class‑action deadline and EV sector concerns

Lucid Group Inc. (NASDAQ:LCID) fell 4.9% during mid‑day trading, reaching a low of $6.22 and closing around $6.45. Trading volume was about 10.3 million shares, roughly 27% below the average session volume.

The decline coincided with renewed focus on a securities class‑action lawsuit that sets a lead‑plaintiff filing deadline for July 28 2026. Law firms reminded investors who purchased shares between February 25 and April 13 to seek counsel before the deadline, keeping the legal overhang in view.

Analyst sentiment turned negative: Zacks Research downgraded Lucid from a hold to a strong sell, and Benchmark reduced its rating from buy to hold. The broader EV market also weighed on sentiment after Tesla’s post‑earnings sell‑off, with Rivian and Lucid slipping alongside the sector.