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

Key Points

• Lucid hit a new 52-week low, trading as low as $6.90 and last at $7.07 (down about 5.4%), remaining below its 50-day ($9.76) and 200-day ($12.70) moving averages.
• Analyst sentiment is mixed-to-negative with a MarketBeat consensus of Reduce and a $12.25 consensus price target after several firms cut targets, although Citigroup initiated coverage with a $17 buy rating.
• Fundamentals show high leverage and tight liquidity — debt/equity 3.00, quick ratio 0.83, negative P/E — while institutional ownership is substantial at roughly 75%.

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

Analysts Set New Price Targets

LCID has been the subject of a number of recent research reports. Citigroup initiated coverage on Lucid Group in a research note on Wednesday, March 18th. They set a "buy" rating and a $17.00 price target for the company. Robert W. Baird cut their price target on Lucid Group from $14.00 to $12.00 and set a "neutral" rating for the company in a research note on Wednesday, April 15th. Royal Bank Of Canada cut 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. Cantor Fitzgerald cut their price target on Lucid Group from $21.00 to $14.00 and set a "neutral" rating for the company in a research note on Wednesday, February 25th. Finally, Weiss Ratings restated a "sell (e+)" rating on shares of Lucid Group in a research note on Friday, March 27th. Two analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat.com, Lucid Group presently has a consensus rating of "Reduce" and a consensus 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 market capitalization of $2.26 billion, a PE ratio of -0.57 and a beta of 1.16. The stock has a 50-day moving average price of $9.76 and a two-hundred day moving average price of $12.70.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Tudor Investment Corp ET AL purchased a new position in shares of Lucid Group during the 3rd quarter valued at about $1,361,978,000. Y Intercept Hong Kong Ltd purchased a new position in shares of Lucid Group during the 3rd quarter valued at about $2,248,000. SG Americas Securities LLC lifted its position in shares of Lucid Group by 65.9% during the 4th quarter. SG Americas Securities LLC now owns 181,153 shares of the company's stock valued at $1,915,000 after buying an additional 71,966 shares in the last quarter. Counterpoint Mutual Funds LLC purchased a new position in Lucid Group in the 3rd quarter worth approximately $496,000. Finally, Corient Private Wealth LLC lifted its holdings in Lucid Group by 48.1% in the 2nd quarter. Corient Private Wealth LLC now owns 125,811 shares of the company's stock worth $265,000 after purchasing an additional 40,873 shares in the last quarter. 75.17% of the stock is owned by hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.