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

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

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Citigroup began coverage on Lucid Group in a report on Wednesday, March 18th. They issued a “buy” rating and a $17.00 price objective on the stock. Royal Bank Of Canada reissued a “sector perform” rating and issued a $10.00 target price on shares of Lucid Group 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. Benchmark reaffirmed a “buy” rating on shares of Lucid Group in a research report on Thursday, February 19th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a research note on Friday. Two research analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $13.14.

Lucid Group Stock Down 2.7%

The company has a market cap of $3.00 billion, a P/E ratio of -0.75 and a beta of 1.12. The stock has a 50-day moving average of $10.29 and a 200 day moving average of $14.07. The company has a debt-to-equity ratio of 3.00, a current ratio of 1.25 and a quick ratio of 0.83.

Hedge Funds Weigh In On Lucid Group

Several hedge funds have recently bought and sold shares of LCID. Valeo Financial Advisors LLC raised its position in shares of Lucid Group by 9.7% in the 2nd quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock valued at $25,000 after buying an additional 1,055 shares in the last quarter. Jain Global LLC boosted its position in shares of Lucid Group by 13.3% during the 4th quarter. Jain Global LLC now owns 10,220 shares of the company’s stock worth $108,000 after acquiring an additional 1,200 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Lucid Group by 3.7% during the 4th quarter. The Manufacturers Life Insurance Company now owns 37,146 shares of the company’s stock worth $393,000 after acquiring an additional 1,336 shares in the last quarter. Mercer Global Advisors Inc. ADV increased its stake in Lucid Group by 11.8% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 13,590 shares of the company’s stock valued at $144,000 after acquiring an additional 1,430 shares during the last quarter. Finally, SBI Securities Co. Ltd. increased its stake in Lucid Group by 9.6% in the fourth quarter. SBI Securities Co. Ltd. now owns 17,970 shares of the company’s stock valued at $190,000 after acquiring an additional 1,569 shares during the last quarter. 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.