Lucid Group (NASDAQ:LCID) Reaches New 52-Week Low – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) reached a new 52-week low during trading on Monday . The company traded as low as $6.90 and last traded at $7.0670, with a volume of 5598328 shares. The stock had previously closed at $7.30.

Analysts Set New Price Targets

A number of research firms recently commented on LCID. TD Cowen reissued a “hold” rating and issued a $10.00 price target (down from $19.00) on shares of Lucid Group in a report on Wednesday, April 15th. Royal Bank Of Canada lowered their price target on Lucid Group from $10.00 to $8.00 and set a “sector perform” rating on the stock in a report on Monday, April 13th. Zacks Research raised Lucid Group from a “strong sell” rating to a “hold” rating in a report on Thursday, March 5th. Benchmark reissued a “buy” rating on shares of Lucid Group in a report on Thursday, February 19th. Finally, Cantor Fitzgerald lowered their price target on Lucid Group from $21.00 to $14.00 and set a “neutral” rating on the stock in a report on Wednesday, February 25th. Two analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, Lucid Group has a consensus rating of “Reduce” and an average price target of $12.25.

Lucid Group Trading Down 5.4%

The company has a debt-to-equity ratio of 3.00, a quick ratio of 0.83 and a current ratio of 1.25. The stock has a fifty day moving average of $9.76 and a 200 day moving average of $12.70. The company has a market capitalization of $2.26 billion, a PE ratio of -0.57 and a beta of 1.16.

Institutional Trading of Lucid Group

A number of large investors have recently added to or reduced their stakes in LCID. Tudor Investment Corp ET AL bought a new stake in Lucid Group in the 3rd quarter worth approximately $1,361,978,000. Uber Technologies Inc bought a new stake in Lucid Group in the 3rd quarter worth approximately $326,283,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Lucid Group by 39.2% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company’s stock worth $25,973,000 after acquiring an additional 3,465,542 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in Lucid Group by 112.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock worth $13,166,000 after acquiring an additional 2,874,603 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its stake in Lucid Group by 93.5% in the 2nd quarter. BNP Paribas Financial Markets now owns 4,485,715 shares of the company’s stock worth $9,465,000 after acquiring an additional 2,167,882 shares during the last quarter. Institutional investors own 75.17% of the company’s stock.

About Lucid Group

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.