Lucid Group (NASDAQ:LCID) Sets New 52-Week Low After Analyst Downgrade

Lucid Group, Inc. (NASDAQ:LCID) reached a new 52-week low during trading on Thursday after Royal Bank Of Canada lowered their price target on the stock from $20.00 to $14.00. Royal Bank Of Canada currently has a sector perform rating on the stock. Lucid Group traded as low as $10.45 and last traded at $10.4970, with a volume of 2130504 shares. The stock had previously closed at $10.84.

LCID has been the subject of several other reports. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Lucid Group in a report on Wednesday, November 19th. Robert W. Baird set a $14.00 price target on Lucid Group in a report on Tuesday, January 6th. Morgan Stanley cut Lucid Group from a “buy” rating to an “underweight” rating and reduced their price target for the company from $30.00 to $10.00 in a research report on Monday, December 8th. Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a report on Monday, December 29th. Finally, Stifel Nicolaus cut their target price on Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a research note on Monday, November 17th. Two investment analysts have rated the stock with a Buy rating, six have given a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus target price of $18.92.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of LCID. Rockefeller Capital Management L.P. boosted its stake in shares of Lucid Group by 11.1% in the 2nd quarter. Rockefeller Capital Management L.P. now owns 340,533 shares of the company’s stock valued at $719,000 after purchasing an additional 34,116 shares in the last quarter. HBK Investments L P bought a new stake in Lucid Group in the second quarter worth $2,658,000. Highbridge Capital Management LLC purchased a new stake in Lucid Group during the second quarter valued at about $3,245,000. Marex Group plc purchased a new position in shares of Lucid Group in the second quarter worth about $7,613,000. Finally, Police & Firemen s Retirement System of New Jersey lifted its stake in shares of Lucid Group by 33.3% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 475,360 shares of the company’s stock valued at $1,003,000 after acquiring an additional 118,746 shares during the last quarter. Hedge funds and other institutional investors own 75.17% of the company’s stock.

Lucid Group Price Performance

The firm has a fifty day moving average of $12.40 and a two-hundred day moving average of $18.53. The company has a current ratio of 1.81, a quick ratio of 1.34 and a debt-to-equity ratio of 1.19. The company has a market capitalization of $3.28 billion, a PE ratio of -0.94 and a beta of 0.89.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings results on Wednesday, November 5th. The company reported ($2.65) EPS for the quarter, missing analysts’ consensus estimates of ($2.32) by ($0.33). Lucid Group had a negative return on equity of 85.13% and a negative net margin of 224.99%.The company had revenue of $336.58 million during the quarter, compared to analysts’ expectations of $378.44 million. During the same period last year, the firm earned ($2.76) earnings per share. Lucid Group’s revenue for the quarter was up 68.3% on a year-over-year basis. Research analysts anticipate that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

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.