Despite boasting several major face-value strengths, such as the backing of Saudi Arabia’s Public Investment Fund (PIF), Lucid Group (NASDAQ: LCID) has been suffering from staggeringly poor stock market performance for years.
Indeed, LCID shares took a 98.40$ journey from their 2021 all-time highs (ATH) near $552 to their all-time lows near the equity’s April 9 price of $8.87.
Still, such a decline might simultaneously provide Lucid investors with at least some silver lining, considering that steep corrections often lead to enticing entry points, raising the question of whether LCID stock is, in fact, a ‘Strong Buy’ this April.
Unfortunately, the electric vehicle’s historic performance and latest business results do much to undermine any hoped-for bullish cases emerging from products such as the once highly anticipated Gravity SUV.
Lucid Q1 deliveries show severe issues with EV maker
Specifically, Lucid Group published its first-quarter (Q1) deliveries report on April 3, showing the company’s sales slightly declined compared to the same period in 2025 while underperforming analyst expectations.
Between January 1 and March 31, 2026, the Saudi-backed EV maker delivered 3,093 vehicles, per the latest press release, while the document published on April 2, 2025, stated that 3,109 cars were shipped.
Analysts were, for their part, expecting the delivery of 5,237 vehicles in Q1, 2026, and the production of 5,967.
Thus, Lucid also underperformed on the manufacturing side since it stated it produced 5,500 cars within the three months. However, this also represents a notable increase from the 2,212 figure reported in April 2025.
The report was also made worse by supplier issues leading to a 29-day disruption in deliveries of the Lucid Gravity SUV and the recall of 4,476 units manufactured between December 2024 and February 2026 over seatbelt issues.
Wall Street sets Lucid stock price target for next 12 months
Elsewhere, Wall Street remains unenthusiastic regarding Lucid stock, and the equity’s overall rating on TipRanks displays as ‘Hold,’ per the data Finbold retrieved on April 9. The 12-month price target for LCID shares, on the other hand, is relatively bullish, and the EV maker appears to be expected to rally approximately 51% to $13.38 on average.
Notably, the number represents all institutional notes issued in the last three months and in January 2026 – the time the oldest relevant revisions were made – Lucid was changing hands at $11.33: a significantly smaller 18% away from the $13.38 12-month forecast.
Still, the latest ‘Hold’ rating with a $14 price target was issued after the deliveries report on April 5 by Cantor Fitzgerald, showing some confidence in the EV maker remains.
Featured image via Shutterstock
