Lucid Group (NASDAQ:LCID) Stock Price Down 1.5% - Here's What Happened

Key Points

• Lucid shares fell 1.5% to $6.44 in mid-day trading, with volume down 57% from the average session level.
• Analyst sentiment remains cautious: LCID has an average “Reduce” rating, with one Buy, seven Hold, and four Sell ratings, and an average price target of $9.56.
• Institutional investors and hedge funds own 75.17% of Lucid’s stock, with several firms—including Goldman Sachs and HRT Financial—recently increasing their positions.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price dropped 1.5% during mid-day trading on Thursday . The stock traded as low as $6.23 and last traded at $6.44. Approximately 6,059,317 shares were traded during mid-day trading, a decline of 57% from the average session volume of 13,992,183 shares. The stock had previously closed at $6.54.

Wall Street Analyst Weigh In

Several research firms have weighed in on LCID. Cantor Fitzgerald reaffirmed a "neutral" rating on shares of Lucid Group in a research note on Monday, August 3rd. William Blair cut shares of Lucid Group to a "market perform" rating in a report on Monday, August 3rd. Morgan Stanley set a $5.00 price objective on shares of Lucid Group in a research report on Wednesday, May 6th. Benchmark downgraded shares of Lucid Group from a "buy" rating to a "hold" rating in a research report on Wednesday, May 6th. Finally, TD Cowen lowered their price target on shares of Lucid Group from $10.00 to $7.00 and set a "hold" rating on the stock in a report on Wednesday, May 6th. One research analyst has rated the stock with a Buy rating, seven have given a Hold rating and four have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Reduce" and an average price target of $9.56.

Lucid Group Stock Performance

The company has a quick ratio of 0.57, a current ratio of 1.14 and a debt-to-equity ratio of 3.00. The stock has a market cap of $2.51 billion, a P/E ratio of -0.47 and a beta of 0.83. The firm's 50-day moving average is $6.17 and its two-hundred day moving average is $7.78.

Hedge Funds Weigh In On Lucid Group

Hedge funds have recently bought and sold shares of the business. Uber Technologies Inc acquired a new stake in Lucid Group in the 3rd quarter valued at $326,283,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in 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 worth $25,973,000 after acquiring an additional 3,465,542 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in Lucid Group by 112.0% during the first 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 in the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of Lucid Group by 93.5% during the second quarter. BNP Paribas Financial Markets now owns 4,485,715 shares of the company's stock valued at $9,465,000 after acquiring an additional 2,167,882 shares during the period. Finally, HRT Financial LP lifted its holdings in shares of Lucid Group by 148.1% during the second quarter. HRT Financial LP now owns 3,465,146 shares of the company's stock valued at $7,311,000 after acquiring an additional 2,068,440 shares during the period. 75.17% of the stock is owned by institutional investors and hedge funds.

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.

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