Lucid Group (NASDAQ:LCID) Shares Down 2.4% – Here’s What Happened

Shares of Lucid Group, Inc. (NASDAQ:LCID) traded down 2.4% on Wednesday . The stock traded as low as $6.33 and last traded at $6.54. 6,001,482 shares changed hands during trading, a decline of 57% from the average daily volume of 14,040,512 shares. The stock had previously closed at $6.70.

Analysts Set New Price Targets

Several brokerages have weighed in on LCID. Citigroup reissued a “buy” rating and issued a $14.00 price target (down from $17.00) on shares of Lucid Group in a report on Friday, May 15th. Royal Bank Of Canada restated a “sector perform” rating and set a $7.00 price objective (down from $8.00) on shares of Lucid Group in a report on Monday, July 13th. Morgan Stanley set a $5.00 price objective on shares of Lucid Group in a research report on Wednesday, May 6th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a research note on Wednesday, June 24th. Finally, Cantor Fitzgerald reiterated a “neutral” rating on shares of Lucid Group in a research note on Monday, August 3rd. One equities research analyst has rated the stock with a Buy rating, seven have given a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat, Lucid Group has a consensus rating of “Reduce” and a consensus target price of $9.56.

Lucid Group Trading Down 2.4%

The stock has a 50-day moving average of $6.15 and a 200 day moving average of $7.82. The company has a quick ratio of 0.57, a current ratio of 1.14 and a debt-to-equity ratio of 3.00. The stock has a market cap of $2.55 billion, a PE ratio of -0.48 and a beta of 0.83.

Institutional Trading of Lucid Group

Large investors have recently made changes to their positions in the business. Uber Technologies Inc purchased a new position in shares of Lucid Group in the third quarter valued at approximately $326,283,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Lucid Group by 39.2% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company’s stock worth $25,973,000 after purchasing an additional 3,465,542 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Lucid Group by 112.0% during 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 in the last quarter. BNP Paribas Financial Markets raised its stake in Lucid Group by 93.5% in the 2nd quarter. BNP Paribas Financial Markets now owns 4,485,715 shares of the company’s stock valued at $9,465,000 after purchasing an additional 2,167,882 shares during the last quarter. Finally, HRT Financial LP raised its stake in Lucid Group by 148.1% in the 2nd quarter. HRT Financial LP now owns 3,465,146 shares of the company’s stock valued at $7,311,000 after purchasing an additional 2,068,440 shares during the last quarter. 75.17% of the stock is owned by hedge funds and other institutional investors.

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.