Lucid Group (NASDAQ:LCID) Stock Price Down 7.5% - Here's Why

Key Points

• Shares fell 7.5% to $6.75 on Monday on heavy trading of 32.38 million shares, about 264% above the average session volume.
• Analysts carry a consensus rating of "Reduce" with an average price target of $12.25, and several firms have recently cut targets or issued cautious notes (e.g., BofA initiated an "underperform" at $10; TD Cowen cut its target to $10 from $19).
• Key fundamentals show leverage and weakness: market cap $2.21B, debt-to-equity 3.00, negative P/E (-0.56), a 50-day moving average ($9.76) below the 200-day ($12.70), and about 75% institutional ownership.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price fell 7.5% on Monday . The company 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 Upgrades and Downgrades

LCID has been the topic of a number of recent research reports. Bank of America initiated coverage on shares of Lucid Group in a report on Wednesday, March 4th. They issued an "underperform" rating and a $10.00 target price on the stock. Benchmark reaffirmed a "buy" rating on shares of Lucid Group in a report on Thursday, February 19th. TD Cowen reiterated a "hold" rating and set a $10.00 price target (down from $19.00) on shares of Lucid Group in a research report on Wednesday, April 15th. Robert W. Baird cut their price target on Lucid Group from $14.00 to $12.00 and set a "neutral" rating on the stock in a report on Wednesday, April 15th. Finally, Weiss Ratings restated a "sell (e+)" rating on shares of Lucid Group in a research report on Friday, March 27th. Two investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Reduce" and an average price target of $12.25.

Lucid Group Stock Performance

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

Hedge Funds Weigh In On Lucid Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Tudor Investment Corp ET AL acquired a new position in Lucid Group during the 3rd quarter worth $1,361,978,000. Y Intercept Hong Kong Ltd acquired a new position in shares of Lucid Group during the third quarter valued at $2,248,000. SG Americas Securities LLC increased its holdings in shares of Lucid Group by 65.9% during the fourth quarter. SG Americas Securities LLC now owns 181,153 shares of the company's stock valued at $1,915,000 after purchasing an additional 71,966 shares during the period. IFP Advisors Inc raised its stake in shares of Lucid Group by 315.0% during the third quarter. IFP Advisors Inc now owns 12,197 shares of the company's stock valued at $290,000 after purchasing an additional 9,258 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in Lucid Group by 112.6% in the third quarter. PNC Financial Services Group Inc. now owns 36,923 shares of the company's stock worth $878,000 after purchasing an additional 19,557 shares during the period. 75.17% of the stock is 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.

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.