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

Lucid Group, Inc. (NASDAQ:LCID)’s stock price reached a new 52-week low during mid-day trading on Monday . The stock traded as low as $9.50 and last traded at $9.6410, with a volume of 1222830 shares. The stock had previously closed at $9.55.

Analysts Set New Price Targets

A number of brokerages have issued reports on LCID. Zacks Research cut Lucid Group from a “hold” rating to a “strong sell” rating in a report on Thursday, January 22nd. Stifel Nicolaus reduced their price objective on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a research note on Monday, November 17th. Robert W. Baird set a $14.00 price objective on shares of Lucid Group in a report on Tuesday, January 6th. Morgan Stanley lowered shares of Lucid Group from a “buy” rating to an “underweight” rating and cut their target price for the stock from $30.00 to $10.00 in a report on Monday, December 8th. Finally, Benchmark reissued a “buy” rating on shares of Lucid Group in a report on Thursday. Two research analysts have rated the stock with a Buy rating, five have given a Hold rating and five have given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus target price of $18.92.

Lucid Group Stock Down 2.8%

The stock’s fifty day moving average price is $10.86 and its 200-day moving average price is $16.01. The company has a market capitalization of $3.01 billion, a price-to-earnings ratio of -0.86 and a beta of 1.16. The company has a quick ratio of 1.34, a current ratio of 1.81 and a debt-to-equity ratio of 1.19.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Tudor Investment Corp ET AL bought a new position in shares of Lucid Group during the 3rd quarter worth approximately $1,361,978,000. Uber Technologies Inc bought a new stake in shares of Lucid Group in the third quarter valued at about $326,283,000. Marshall Wace LLP grew its stake in shares of Lucid Group by 2,398.5% in the second quarter. Marshall Wace LLP now owns 12,652,537 shares of the company’s stock valued at $26,697,000 after acquiring an additional 12,146,136 shares in the last quarter. Norges Bank acquired a new stake in Lucid Group in the 2nd quarter worth about $16,469,000. Finally, Linden Advisors LP bought a new stake in Lucid Group in the 2nd quarter valued at about $9,885,000. 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.