Lucid Group (NASDAQ:LCID) Trading Down 8% – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID)’s share price dropped 8% during trading on Wednesday . The company traded as low as $9.98 and last traded at $10.05. Approximately 8,892,258 shares were traded during mid-day trading, an increase of 9% from the average daily volume of 8,129,248 shares. The stock had previously closed at $10.92.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Robert W. Baird set a $14.00 price target on shares of Lucid Group in a report on Tuesday, January 6th. Royal Bank Of Canada decreased their target price on shares of Lucid Group from $20.00 to $14.00 and set a “sector perform” rating on the stock in a report on Wednesday, January 14th. Morgan Stanley downgraded shares of Lucid Group from a “buy” rating to an “underweight” rating and cut their price target for the company from $30.00 to $10.00 in a report on Monday, December 8th. Zacks Research lowered shares of Lucid Group from a “hold” rating to a “strong sell” rating in a research report on Thursday, January 22nd. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a research report on Monday, December 29th. Two analysts have rated the stock with a Buy rating, five have given a Hold rating and five have issued a Sell rating to the stock. Based on data from MarketBeat.com, Lucid Group has an average rating of “Reduce” and a consensus target price of $18.92.

Lucid Group Price Performance

The firm has a market capitalization of $3.26 billion, a P/E ratio of -0.94 and a beta of 1.16. The business’s 50-day simple moving average is $11.36 and its 200 day simple moving average is $16.96. The company has a quick ratio of 1.34, a current ratio of 1.81 and a debt-to-equity ratio of 1.19.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in LCID. Royal Bank of Canada lifted its stake in Lucid Group by 9.5% in the first quarter. Royal Bank of Canada now owns 110,716 shares of the company’s stock worth $267,000 after acquiring an additional 9,578 shares during the period. AQR Capital Management LLC raised its holdings in Lucid Group by 89.9% in the 1st quarter. AQR Capital Management LLC now owns 537,801 shares of the company’s stock worth $1,226,000 after purchasing an additional 254,551 shares in the last quarter. NewEdge Advisors LLC lifted its position in shares of Lucid Group by 103.2% in the 1st quarter. NewEdge Advisors LLC now owns 37,987 shares of the company’s stock worth $92,000 after purchasing an additional 19,294 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of Lucid Group by 112.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock valued at $13,166,000 after purchasing an additional 2,874,603 shares in the last quarter. Finally, Empowered Funds LLC raised its stake in Lucid Group by 11.3% in the first quarter. Empowered Funds LLC now owns 110,844 shares of the company’s stock worth $268,000 after buying an additional 11,252 shares in 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.