Lucid Group (NASDAQ:LCID) Stock Price Down 7.5% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s stock price fell 7.5% on Monday . The company traded as low as $6.75 and last traded at $6.75. 32,380,820 shares were traded during trading, an increase of 264% from the average session volume of 8,891,256 shares. The stock had previously closed at $7.30.

Analyst Upgrades and Downgrades

LCID has been the topic of a number of recent research reports. Bank of America initiated coverage on shares of Lucid Group in a report on Wednesday, March 4th. They issued an “underperform” rating and a $10.00 target price on the stock. Benchmark reaffirmed a “buy” rating on shares of Lucid Group in a report on Thursday, February 19th. TD Cowen reiterated a “hold” rating and set a $10.00 price target (down from $19.00) on shares of Lucid Group in a research report on Wednesday, April 15th. Robert W. Baird cut their price target on Lucid Group from $14.00 to $12.00 and set a “neutral” rating on the stock in a report on Wednesday, April 15th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a research report on Friday, March 27th. Two investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Reduce” and an average price target of $12.25.

Lucid Group Stock Performance

The company has a current ratio of 1.25, a quick ratio of 0.83 and a debt-to-equity ratio of 3.00. The company’s 50-day moving average is $9.76 and its two-hundred day moving average is $12.70. The stock has a market capitalization of $2.21 billion, a P/E ratio of -0.56 and a beta of 1.16.

Hedge Funds Weigh In On Lucid Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Tudor Investment Corp ET AL acquired a new position in Lucid Group during the 3rd quarter worth $1,361,978,000. Y Intercept Hong Kong Ltd acquired a new position in shares of Lucid Group during the third quarter valued at $2,248,000. SG Americas Securities LLC increased its holdings in shares of Lucid Group by 65.9% during the fourth quarter. SG Americas Securities LLC now owns 181,153 shares of the company’s stock valued at $1,915,000 after purchasing an additional 71,966 shares during the period. IFP Advisors Inc raised its stake in shares of Lucid Group by 315.0% during the third quarter. IFP Advisors Inc now owns 12,197 shares of the company’s stock valued at $290,000 after purchasing an additional 9,258 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in Lucid Group by 112.6% in the third quarter. PNC Financial Services Group Inc. now owns 36,923 shares of the company’s stock worth $878,000 after purchasing an additional 19,557 shares during the period. 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.