Lucid Group (NASDAQ:LCID) Stock Price Down 1.2% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s share price traded down 1.2% on Wednesday . The stock traded as low as $9.70 and last traded at $9.80. 6,376,209 shares traded hands during trading, a decline of 19% from the average session volume of 7,854,346 shares. The stock had previously closed at $9.92.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Morgan Stanley lowered Lucid Group from a “buy” rating to an “underweight” rating and decreased their target price for the stock from $30.00 to $10.00 in a research report on Monday, December 8th. Stifel Nicolaus reduced their price target on Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a research note on Monday, November 17th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Lucid Group in a report on Wednesday, November 19th. Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a research report on Monday, December 29th. Finally, Robert W. Baird set a $14.00 target price on shares of Lucid Group in a report on Tuesday, January 6th. Two equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and five have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $18.92.

Lucid Group Trading Down 1.2%

The firm has a 50-day moving average price of $11.04 and a 200-day moving average price of $16.32. 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 market cap of $3.18 billion, a PE ratio of -0.92 and a beta of 1.16.

Institutional Investors Weigh In On Lucid Group

A number of institutional investors have recently made changes to their positions in LCID. Valeo Financial Advisors LLC raised 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 worth $25,000 after acquiring an additional 1,055 shares during the last quarter. Concurrent Investment Advisors LLC purchased a new stake in Lucid Group during the 2nd quarter valued at $29,000. Kingsview Wealth Management LLC bought a new stake in shares of Lucid Group in the 2nd quarter worth $30,000. Brown Advisory Inc. raised its stake in shares of Lucid Group by 47.5% in the second quarter. Brown Advisory Inc. now owns 15,530 shares of the company’s stock worth $33,000 after purchasing an additional 5,000 shares during the last quarter. Finally, Keynote Financial Services LLC purchased a new position in shares of Lucid Group in the second quarter worth $35,000. 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.