Lucid Group (NASDAQ:LCID) Stock Price Down 3.4% - Here's Why

Key Points

• Lucid Group shares fell 3.4% to $6.22 on Friday, with trading volume down 55% from the stock’s average daily volume.
• Analyst sentiment remains cautious: Lucid has an average “Reduce” rating, with one Buy, seven Hold and four Sell ratings, and a consensus price target of $9.56.
• Institutional investors own 75.17% of the company, while several funds recently initiated or increased positions in Lucid during the first and second quarters.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) fell 3.4% during trading on Friday . The company traded as low as $6.12 and last traded at $6.22. 6,256,945 shares traded hands during trading, a decline of 55% from the average daily volume of 13,938,946 shares. The stock had previously closed at $6.44.

Analyst Ratings Changes

LCID has been the subject of several research analyst reports. Cantor Fitzgerald reiterated a "neutral" rating on shares of Lucid Group in a research report on Monday, August 3rd. Royal Bank Of Canada restated a "sector perform" rating and set a $7.00 target price (down from $8.00) on shares of Lucid Group in a report on Monday, July 13th. William Blair lowered Lucid Group to a "market perform" rating in a research note on Monday, August 3rd. Morgan Stanley set a $5.00 price target on Lucid Group in a report on Wednesday, May 6th. Finally, Citigroup reiterated a "buy" rating and set a $14.00 price target (down from $17.00) on shares of Lucid Group in a research report on Friday, May 15th. One analyst has rated the stock with a Buy rating, seven have issued a Hold rating and four have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Reduce" and a consensus price target of $9.56.

Lucid Group Trading Down 3.4%

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 firm has a market cap of $2.43 billion, a price-to-earnings ratio of -0.45 and a beta of 0.83. The business's fifty day moving average is $6.18 and its two-hundred day moving average is $7.75.

Hedge Funds Weigh In On Lucid Group

Several hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp bought a new position in shares of Lucid Group in the 2nd quarter valued at about $3,125,000. Handelsbanken Fonder AB grew its holdings in shares of Lucid Group by 81.9% in the 2nd quarter. Handelsbanken Fonder AB now owns 73,729 shares of the company's stock valued at $493,000 after buying an additional 33,200 shares during the period. CX Institutional grew its stake in Lucid Group by 69.6% in the second quarter. CX Institutional now owns 13,207 shares of the company's stock valued at $88,000 after acquiring an additional 5,422 shares during the period. Verus Capital Partners LLC acquired a new position in shares of Lucid Group in the 1st quarter valued at approximately $108,000. Finally, Essential Partners LLC acquired a new position in shares of Lucid Group in the first quarter valued at approximately $126,000. Institutional investors own 75.17% of the company's stock.

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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