Lucid Group (NASDAQ:LCID) Trading Down 2.8% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) fell 2.8% during trading on Wednesday . The stock traded as low as $6.88 and last traded at $6.91. 22,152,663 shares were traded during mid-day trading, an increase of 131% from the average session volume of 9,571,517 shares. The stock had previously closed at $7.11.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on LCID. Royal Bank Of Canada lowered their price target on Lucid Group from $10.00 to $8.00 and set a “sector perform” rating for the company in a research note on Monday, April 13th. Zacks Research raised Lucid Group from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 5th. Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a research note on Friday, March 27th. Citigroup began coverage on Lucid Group in a research note on Wednesday, March 18th. They issued a “buy” rating and a $17.00 price target for the company. Finally, Cantor Fitzgerald lowered their price target on Lucid Group from $21.00 to $14.00 and set a “neutral” rating for the company in a research note on Wednesday, February 25th. Two investment analysts have rated the stock with a Buy rating, six have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $12.25.

Lucid Group Stock Performance

The company has a debt-to-equity ratio of 3.00, a current ratio of 1.25 and a quick ratio of 0.83. The firm has a fifty day simple moving average of $9.46 and a 200 day simple moving average of $12.37. The company has a market cap of $2.05 billion, a price-to-earnings ratio of -0.52 and a beta of 1.16.

Institutional Investors Weigh In On Lucid Group

Several hedge funds have recently modified their holdings of LCID. Leonteq Securities AG bought a new position in Lucid Group in the fourth quarter worth $67,000. Caitong International Asset Management Co. Ltd acquired a new position in Lucid Group during the fourth quarter worth $77,000. Eurizon Capital SGR S.p.A. acquired a new position in Lucid Group during the fourth quarter worth $86,000. HITE Hedge Asset Management LLC acquired a new position in Lucid Group during the third quarter worth $212,000. Finally, Johnson & White Wealth Management LLC acquired a new position in Lucid Group during the third quarter worth $238,000. 75.17% of the stock is owned by institutional investors.

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.