Lucid Group (NASDAQ:LCID) Shares Down 5.1% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s stock price fell 5.1% during mid-day trading on Friday . The company traded as low as $9.38 and last traded at $9.40. 6,005,235 shares were traded during mid-day trading, a decline of 17% from the average session volume of 7,192,427 shares. The stock had previously closed at $9.91.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on LCID shares. Robert W. Baird set a $14.00 price objective on Lucid Group in a research note on Tuesday, January 6th. Citigroup began coverage on shares of Lucid Group in a report on Wednesday, March 18th. They issued a “buy” rating and a $17.00 target price on the stock. Morgan Stanley downgraded shares of Lucid Group from a “buy” rating to an “underweight” rating and decreased their price target for the stock from $30.00 to $10.00 in a research note on Monday, December 8th. Zacks Research upgraded shares of Lucid Group from a “strong sell” rating to a “hold” rating in a report on Thursday, March 5th. Finally, Cantor Fitzgerald dropped their price objective on shares of Lucid Group from $21.00 to $14.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 25th. Two analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus target price of $13.14.

Lucid Group Price Performance

The stock has a fifty day simple moving average of $10.30 and a 200-day simple moving average of $14.20. The company has a market capitalization of $3.08 billion, a PE ratio of -0.77 and a beta of 1.12. The company has a current ratio of 1.25, a quick ratio of 0.83 and a debt-to-equity ratio of 3.00.

Institutional Investors Weigh In On Lucid Group

Institutional investors have recently added to or reduced their stakes in the business. Rockefeller Capital Management L.P. lifted its position in shares of Lucid Group by 11.1% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 340,533 shares of the company’s stock worth $719,000 after buying an additional 34,116 shares during the last quarter. HBK Investments L P acquired a new position in shares of Lucid Group in the 2nd quarter valued at $2,658,000. Tudor Investment Corp ET AL purchased a new position in shares of Lucid Group in the 3rd quarter valued at $1,361,978,000. Y Intercept Hong Kong Ltd acquired a new stake in Lucid Group during the 3rd quarter worth $2,248,000. Finally, Marex Group plc acquired a new stake in Lucid Group during the 2nd quarter worth $7,613,000. Hedge funds and other institutional investors own 75.17% of the company’s stock.

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.