Lucid Group (NASDAQ:LCID) Stock Price Down 13.9% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID) shares traded down 13.9% during trading on Wednesday . The company traded as low as $6.18 and last traded at $6.70. Approximately 21,270,035 shares were traded during mid-day trading, an increase of 49% from the average daily volume of 14,260,113 shares. The stock had previously closed at $7.78.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Evercore set a $6.00 price target on Lucid Group in a research note on Monday, May 11th. Benchmark cut Lucid Group from a “buy” rating to a “hold” rating in a research note on Wednesday, May 6th. Zacks Research downgraded Lucid Group from a “hold” rating to a “strong sell” rating in a report on Monday, July 20th. TD Cowen cut their target price on Lucid Group from $10.00 to $7.00 and set a “hold” rating on the stock in a research note on Wednesday, May 6th. Finally, Royal Bank Of Canada restated a “sector perform” rating and set a $7.00 price target (down from $8.00) on shares of Lucid Group in a report on Monday, July 13th. One equities research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $9.56.

Lucid Group Trading Up 0.9%

The stock has a fifty day simple moving average of $6.13 and a 200 day simple moving average of $7.89. The company has a debt-to-equity ratio of 3.00, a quick ratio of 0.48 and a current ratio of 1.14. The firm has a market cap of $2.75 billion, a P/E ratio of -0.51 and a beta of 0.83.

Hedge Funds Weigh In On Lucid Group

A number of hedge funds have recently bought and sold shares of the business. Lazard Asset Management LLC increased its position in Lucid Group by 192.6% during the first quarter. Lazard Asset Management LLC now owns 304,737 shares of the company’s stock valued at $2,904,000 after acquiring an additional 200,604 shares during the last quarter. Vanguard Group Inc. boosted its position in Lucid Group by 6.2% in the fourth quarter. Vanguard Group Inc. now owns 12,061,286 shares of the company’s stock worth $127,488,000 after purchasing an additional 701,826 shares during the last quarter. Virtu Financial LLC bought a new stake in shares of Lucid Group during the 4th quarter valued at about $1,355,000. Edgestream Partners L.P. bought a new stake in shares of Lucid Group during the 1st quarter valued at about $976,000. Finally, Calamos Advisors LLC purchased a new stake in shares of Lucid Group during the 4th quarter valued at about $1,586,000. Hedge funds and other institutional investors own 75.17% of the company’s stock.

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.