Lucid Group (NASDAQ:LCID) Trading Down 7.5% – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID)’s share price fell 7.5% during trading on Monday . The stock traded as low as $6.75 and last traded at $6.75. 32,380,820 shares were traded during trading, an increase of 264% from the average session volume of 8,891,256 shares. The stock had previously closed at $7.30.

Analyst Ratings Changes

A number of analysts have commented on the stock. Cantor Fitzgerald dropped their price target on shares of Lucid Group from $21.00 to $14.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 25th. Zacks Research upgraded shares of Lucid Group from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 5th. Robert W. Baird dropped their target price on Lucid Group from $14.00 to $12.00 and set a “neutral” rating on the stock in a report on Wednesday, April 15th. Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a research report on Friday, March 27th. Finally, Royal Bank Of Canada decreased their price target on Lucid Group from $10.00 to $8.00 and set a “sector perform” rating for the company in a research note on Monday, April 13th. Two research analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, Lucid Group has an average rating of “Reduce” and a consensus target price of $12.25.

Lucid Group Trading Down 7.5%

The company has a quick ratio of 0.83, a current ratio of 1.25 and a debt-to-equity ratio of 3.00. The stock has a market capitalization of $2.21 billion, a P/E ratio of -0.56 and a beta of 1.16. The firm’s 50-day simple moving average is $9.76 and its 200 day simple moving average is $12.70.

Institutional Trading of Lucid Group

A number of large investors have recently added to or reduced their stakes in the business. J. Derek Lewis & Associates Inc. acquired a new position in Lucid Group in the fourth quarter worth approximately $158,000. Corient Private Wealth LLC acquired a new stake in shares of Lucid Group during the 4th quarter valued at $118,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of Lucid Group during the 4th quarter worth $77,000. Alpine Global Management LLC grew its holdings in shares of Lucid Group by 561.7% in the 4th quarter. Alpine Global Management LLC now owns 16,160 shares of the company’s stock worth $171,000 after acquiring an additional 19,660 shares during the last quarter. Finally, Virtu Financial LLC acquired a new stake in shares of Lucid Group during the fourth quarter worth $1,355,000. 75.17% of the stock is currently owned by institutional investors.

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.