Lucid Group (NASDAQ:LCID) Sets New 1-Year Low on Analyst Downgrade

Lucid Group, Inc. (NASDAQ:LCID) hit a new 52-week low on Monday after Royal Bank Of Canada lowered their price target on the stock from $10.00 to $8.00. Royal Bank Of Canada currently has a sector perform rating on the stock. Lucid Group traded as low as $8.32 and last traded at $8.4410, with a volume of 933109 shares changing hands. The stock had previously closed at $8.58.

Several other equities analysts have also weighed in on LCID. Robert W. Baird set a $14.00 price objective on shares of Lucid Group in a report on Tuesday, January 6th. Benchmark reiterated a “buy” rating on shares of Lucid Group in a report on Thursday, February 19th. Zacks Research upgraded shares of Lucid Group from a “strong sell” rating to a “hold” rating in a report on Thursday, March 5th. Cantor Fitzgerald dropped their price objective on shares of Lucid Group from $21.00 to $14.00 and set a “neutral” rating on the stock in a report on Wednesday, February 25th. Finally, Bank of America started coverage on shares of Lucid Group in a report on Wednesday, March 4th. They set an “underperform” rating and a $10.00 price objective on the stock. Two equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Reduce” and an average target price of $12.86.

Institutional Trading of Lucid Group

Several institutional investors and hedge funds have recently modified their holdings of LCID. Royal Bank of Canada raised its stake in shares of Lucid Group by 9.5% in the first quarter. Royal Bank of Canada now owns 110,716 shares of the company’s stock worth $267,000 after purchasing an additional 9,578 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of Lucid Group by 89.9% in the first quarter. AQR Capital Management LLC now owns 537,801 shares of the company’s stock worth $1,226,000 after purchasing an additional 254,551 shares during the last quarter. NewEdge Advisors LLC raised its stake in shares of Lucid Group by 103.2% in the first quarter. NewEdge Advisors LLC now owns 37,987 shares of the company’s stock worth $92,000 after purchasing an additional 19,294 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Lucid Group by 112.0% in the first quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock worth $13,166,000 after purchasing an additional 2,874,603 shares during the last quarter. Finally, Empowered Funds LLC raised its stake in shares of Lucid Group by 11.3% in the first quarter. Empowered Funds LLC now owns 110,844 shares of the company’s stock worth $268,000 after purchasing an additional 11,252 shares during the last quarter. 75.17% of the stock is owned by hedge funds and other institutional investors.

Lucid Group Trading Down 2.2%

The stock has a market capitalization of $2.75 billion, a PE ratio of -0.70 and a beta of 1.16. The firm has a 50 day moving average price of $9.96 and a 200 day moving average price of $13.25. The company has a quick ratio of 0.83, a current ratio of 1.25 and a debt-to-equity ratio of 3.00.

About Lucid Group

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.