Lucid Group (NASDAQ:LCID) Shares Down 2.4% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s share price was down 2.4% during mid-day trading on Wednesday . The company traded as low as $6.33 and last traded at $6.54. Approximately 6,001,482 shares were traded during trading, a decline of 57% from the average daily volume of 14,040,512 shares. The stock had previously closed at $6.70.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Zacks Research downgraded shares of Lucid Group from a “hold” rating to a “strong sell” rating in a research note on Monday, July 20th. Morgan Stanley set a $5.00 price objective on shares of Lucid Group in a research note on Wednesday, May 6th. Benchmark downgraded shares of Lucid Group from a “buy” rating to a “hold” rating in a report on Wednesday, May 6th. Royal Bank Of Canada reissued a “sector perform” rating and issued a $7.00 target price (down from $8.00) on shares of Lucid Group in a research note on Monday, July 13th. Finally, Citigroup restated a “buy” rating and set a $14.00 target price (down from $17.00) on shares of Lucid Group in a report on Friday, May 15th. One equities research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average target price of $9.56.

Lucid Group Trading Down 2.4%

The firm has a market capitalization of $2.55 billion, a PE ratio of -0.48 and a beta of 0.83. The company has a current ratio of 1.14, a quick ratio of 0.57 and a debt-to-equity ratio of 3.00. The business has a fifty day moving average price of $6.15 and a two-hundred day moving average price of $7.82.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of LCID. Jain Global LLC raised its position in shares of Lucid Group by 13.3% in the 4th quarter. Jain Global LLC now owns 10,220 shares of the company’s stock valued at $108,000 after purchasing an additional 1,200 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Lucid Group by 3.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 37,146 shares of the company’s stock worth $393,000 after buying an additional 1,336 shares during the last quarter. Mercer Global Advisors Inc. ADV raised its holdings in Lucid Group by 11.8% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 13,590 shares of the company’s stock valued at $144,000 after acquiring an additional 1,430 shares in the last quarter. SBI Securities Co. Ltd. boosted its stake in Lucid Group by 9.6% during the 4th quarter. SBI Securities Co. Ltd. now owns 17,970 shares of the company’s stock valued at $190,000 after acquiring an additional 1,569 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH grew its holdings in Lucid Group by 16.0% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 11,645 shares of the company’s stock worth $123,000 after acquiring an additional 1,604 shares in the last quarter. Institutional investors and hedge funds 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.