Lucid Group (NASDAQ:LCID) Reaches New 1-Year Low – Here’s What Happened

Shares of Lucid Group, Inc. (NASDAQ:LCID) hit a new 52-week low during mid-day trading on Monday . The company traded as low as $9.07 and last traded at $9.1410, with a volume of 4617527 shares changing hands. The stock had previously closed at $9.40.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on LCID shares. Cantor Fitzgerald decreased their target price 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. Robert W. Baird set a $14.00 price target on shares of Lucid Group in a research note on Tuesday, January 6th. Citigroup started coverage on Lucid Group in a report on Wednesday, March 18th. They set a “buy” rating and a $17.00 price objective on the stock. Zacks Research upgraded Lucid Group from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 5th. Finally, Bank of America began coverage on Lucid Group in a research report on Wednesday, March 4th. They set an “underperform” rating and a $10.00 target price for the company. Two equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Reduce” and a consensus target price of $13.14.

Lucid Group Trading Down 2.7%

The firm has a market cap of $3.00 billion, a P/E ratio of -0.75 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. The company’s fifty day moving average price is $10.29 and its two-hundred day moving average price is $14.07.

Institutional Trading of Lucid Group

Several large investors have recently added to or reduced their stakes in the company. J. Derek Lewis & Associates Inc. bought a new position in shares of Lucid Group in the fourth quarter valued at approximately $158,000. Corient Private Wealth LLC acquired a new stake in Lucid Group during the 4th quarter valued at $118,000. Caitong International Asset Management Co. Ltd acquired a new stake in Lucid Group during the 4th quarter valued at $77,000. Alpine Global Management LLC raised its position in Lucid Group by 561.7% in the 4th quarter. Alpine Global Management LLC now owns 16,160 shares of the company’s stock valued at $171,000 after purchasing an additional 19,660 shares during the last quarter. Finally, Virtu Financial LLC bought a new position in Lucid Group in the 4th quarter valued at $1,355,000. 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.