Lucid Group (NASDAQ:LCID) Hits New 12-Month Low – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID) hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $8.94 and last traded at $8.8270, with a volume of 1731216 shares changing hands. The stock had previously closed at $9.33.

Analyst Ratings Changes

Several brokerages have recently issued reports on LCID. Cantor Fitzgerald dropped 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. Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a research report on Friday, March 27th. Benchmark restated a “buy” rating on shares of Lucid Group in a research report on Thursday, February 19th. Robert W. Baird set a $14.00 price target on shares of Lucid Group in a research report on Tuesday, January 6th. Finally, Zacks Research upgraded shares of Lucid Group from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 5th. Two research 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’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target of $13.14.

Lucid Group Stock Down 0.1%

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 has a market capitalization of $2.89 billion, a price-to-earnings ratio of -0.73 and a beta of 1.16. The firm’s fifty day simple moving average is $10.06 and its two-hundred day simple moving average is $13.51.

Hedge Funds Weigh In On Lucid Group

Institutional investors and hedge funds have recently bought and sold shares of the company. Valeo Financial Advisors LLC boosted its holdings in 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 purchasing an additional 1,055 shares during the last quarter. Brown Advisory Inc. boosted its holdings in Lucid Group by 47.5% in the 2nd 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 acquired a new position in Lucid Group in the 2nd quarter valued at about $39,000. Jump Financial LLC acquired a new position in Lucid Group in the 2nd quarter valued at about $41,000. Finally, Worldquant Millennium Advisors LLC acquired a new position in Lucid Group in the 2nd quarter valued at about $59,000. 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.