Lucid Group (NASDAQ:LCID) Reaches New 52-Week Low – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s share price reached a new 52-week low during mid-day trading on Monday . The company traded as low as $6.90 and last traded at $7.0670, with a volume of 5598328 shares trading hands. The stock had previously closed at $7.30.

Analysts Set New Price Targets

LCID has been the subject of a number of recent research reports. Citigroup initiated coverage on Lucid Group in a research note on Wednesday, March 18th. They set a “buy” rating and a $17.00 price target for the company. Robert W. Baird cut their price target on Lucid Group from $14.00 to $12.00 and set a “neutral” rating for the company in a research note on Wednesday, April 15th. Royal Bank Of Canada cut their price target on 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. Cantor Fitzgerald cut their price target on Lucid Group from $21.00 to $14.00 and set a “neutral” rating for the company in a research note on Wednesday, February 25th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a research note on Friday, March 27th. Two analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Lucid Group presently has a consensus rating of “Reduce” and a consensus price target of $12.25.

Lucid Group Trading Down 5.4%

The company has a debt-to-equity ratio of 3.00, a quick ratio of 0.83 and a current ratio of 1.25. The stock has a market capitalization of $2.26 billion, a PE ratio of -0.57 and a beta of 1.16. The stock has a 50-day moving average price of $9.76 and a two-hundred day moving average price of $12.70.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Tudor Investment Corp ET AL purchased a new position in shares of Lucid Group during the 3rd quarter valued at about $1,361,978,000. Y Intercept Hong Kong Ltd purchased a new position in shares of Lucid Group during the 3rd quarter valued at about $2,248,000. SG Americas Securities LLC lifted its position in shares of Lucid Group by 65.9% during the 4th quarter. SG Americas Securities LLC now owns 181,153 shares of the company’s stock valued at $1,915,000 after buying an additional 71,966 shares in the last quarter. Counterpoint Mutual Funds LLC purchased a new position in Lucid Group in the 3rd quarter worth approximately $496,000. Finally, Corient Private Wealth LLC lifted its holdings in Lucid Group by 48.1% in the 2nd quarter. Corient Private Wealth LLC now owns 125,811 shares of the company’s stock worth $265,000 after purchasing an additional 40,873 shares in the last quarter. 75.17% of the stock is owned by hedge funds and other 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.