Lucid Group (NASDAQ:LCID) Sets New 1-Year Low on Analyst Downgrade

Key Points

• Lucid hit a new 52-week low after Royal Bank of Canada cut its price target from $10.00 to $8.00; shares traded as low as $8.32 and last traded around $8.44 on heavy volume.
• The analyst consensus is Reduce with an average price target of $12.86, reflecting mixed coverage (2 Buys, 5 Holds, 3 Sells).
• Institutions own about 75.17% of the stock, with large stakes reported from Tudor, Uber, Vanguard and Goldman Sachs, indicating substantial institutional involvement despite recent weakness.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) reached a new 52-week low on Monday after Royal Bank Of Canada lowered their price target on the stock from $10.00 to $8.00. Royal Bank Of Canada currently has a sector perform rating on the stock. Lucid Group traded as low as $8.32 and last traded at $8.4410, with a volume of 933109 shares changing hands. The stock had previously closed at $8.58.

LCID has been the subject of a number of other reports. Citigroup assumed coverage on Lucid Group in a report on Wednesday, March 18th. They issued a "buy" rating and a $17.00 price objective for the company. Bank of America started coverage on shares of Lucid Group in a research report on Wednesday, March 4th. They set an "underperform" rating and a $10.00 price target on the stock. Cantor Fitzgerald cut 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. Robert W. Baird set a $14.00 price target on shares of Lucid Group in a research report on Tuesday, January 6th. Finally, Zacks Research raised shares of Lucid Group from a "strong sell" rating to a "hold" rating in a research report on Thursday, March 5th. Two investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, Lucid Group currently has a consensus rating of "Reduce" and an average price target of $12.86.

Institutional Trading of Lucid Group

A number of institutional investors have recently bought and sold shares of the company. Tudor Investment Corp ET AL bought a new stake in Lucid Group during the third quarter valued at $1,361,978,000. Uber Technologies Inc bought a new stake in Lucid Group during the third quarter valued at $326,283,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Lucid Group by 39.2% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company's stock valued at $25,973,000 after purchasing an additional 3,465,542 shares during the period. Vanguard Group Inc. raised its holdings in shares of Lucid Group by 6.2% during the fourth quarter. Vanguard Group Inc. now owns 12,061,286 shares of the company's stock valued at $127,488,000 after purchasing an additional 701,826 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Lucid Group by 112.0% during the first quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company's stock valued at $13,166,000 after purchasing an additional 2,874,603 shares during the period. Institutional investors own 75.17% of the company's stock.

Lucid Group Stock Down 2.2%

The firm's fifty day moving average price is $9.96 and its two-hundred day moving average price is $13.25. The stock has a market cap of $2.75 billion, a price-to-earnings ratio of -0.70 and a beta of 1.16. The company has a debt-to-equity ratio of 3.00, a current ratio of 1.25 and a quick ratio of 0.83.

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.

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