Lucid Group (NASDAQ:LCID) Shares Down 1.3% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s stock price traded down 1.3% during mid-day trading on Thursday . The stock traded as low as $9.81 and last traded at $9.92. 5,564,140 shares traded hands during mid-day trading, a decline of 31% from the average session volume of 8,042,469 shares. The stock had previously closed at $10.05.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on LCID shares. Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a research note on Monday, December 29th. Morgan Stanley lowered Lucid Group from a “buy” rating to an “underweight” rating and decreased their price target for the stock from $30.00 to $10.00 in a research note on Monday, December 8th. Stifel Nicolaus cut their price objective on Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a research report on Monday, November 17th. Royal Bank Of Canada lowered their price objective on shares of Lucid Group from $20.00 to $14.00 and set a “sector perform” rating for the company in a research report on Wednesday, January 14th. Finally, Zacks Research downgraded shares of Lucid Group from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 22nd. Two investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and five have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Reduce” and an average price target of $18.92.

Lucid Group Price Performance

The firm has a market capitalization of $3.22 billion, a PE ratio of -0.93 and a beta of 1.16. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.34 and a current ratio of 1.81. The stock has a fifty day moving average price of $11.29 and a 200-day moving average price of $16.82.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Valeo Financial Advisors LLC raised its stake in shares of Lucid Group by 9.7% during the 2nd quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock worth $25,000 after acquiring an additional 1,055 shares in the last quarter. SBI Securities Co. Ltd. grew its holdings in Lucid Group by 9.6% in the fourth quarter. SBI Securities Co. Ltd. now owns 17,970 shares of the company’s stock worth $190,000 after purchasing an additional 1,569 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH increased its position in shares of Lucid Group by 16.0% during the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 11,645 shares of the company’s stock worth $123,000 after purchasing an additional 1,604 shares in the last quarter. Arizona State Retirement System increased its position in shares of Lucid Group by 6.2% during the fourth quarter. Arizona State Retirement System now owns 38,236 shares of the company’s stock worth $404,000 after purchasing an additional 2,217 shares in the last quarter. Finally, Federation des caisses Desjardins du Quebec lifted its holdings in shares of Lucid Group by 18.0% during the 4th quarter. Federation des caisses Desjardins du Quebec now owns 16,354 shares of the company’s stock valued at $173,000 after purchasing an additional 2,498 shares during the last quarter. Hedge funds and other institutional investors own 75.17% of the company’s stock.

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.