Lucid Group (NASDAQ:LCID) Trading Down 2.7% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s share price traded down 2.7% during mid-day trading on Monday . The stock traded as low as $9.07 and last traded at $9.15. 5,656,106 shares were traded during trading, a decline of 21% from the average session volume of 7,158,822 shares. The stock had previously closed at $9.40.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $10.00 target price on shares of Lucid Group in a research note on Wednesday, February 25th. Bank of America began coverage on Lucid Group in a report on Wednesday, March 4th. They issued an “underperform” rating and a $10.00 price target for the company. Cantor Fitzgerald reduced their price objective on Lucid Group from $21.00 to $14.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 25th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a research note on Friday. Finally, Benchmark reiterated a “buy” rating on shares of Lucid Group in a research report on Thursday, February 19th. Two analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $13.14.

Lucid Group Trading Up 0.3%

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 market cap of $3.13 billion, a price-to-earnings ratio of -0.79 and a beta of 1.12. The business’s 50-day moving average price is $10.27 and its two-hundred day moving average price is $13.92.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Valeo Financial Advisors LLC boosted its holdings in shares of Lucid Group by 9.7% during the second quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock worth $25,000 after purchasing an additional 1,055 shares during the last quarter. Brown Advisory Inc. increased its stake in Lucid Group by 47.5% in the second quarter. Brown Advisory Inc. now owns 15,530 shares of the company’s stock valued at $33,000 after purchasing an additional 5,000 shares during the last quarter. Silverlake Wealth Management LLC purchased a new position in Lucid Group during the second quarter worth about $39,000. Jump Financial LLC purchased a new position in Lucid Group during the second quarter worth about $41,000. Finally, Victory Financial Group LLC acquired a new stake in Lucid Group in the 2nd quarter worth about $46,000. 75.17% of the stock is currently owned by institutional investors and hedge funds.

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.