Lucid Group (NASDAQ:LCID) Trading Down 6.1% - Here's Why

Key Points

• Lucid shares fell 6.1% to $6.61 in mid-day trading, with volume down 45% from the average daily level.
• Analyst sentiment remains cautious: the consensus rating is “Reduce”, based on one Buy, seven Hold and four Sell ratings. The consensus price target is $9.56, while several firms recently lowered targets to $7 or below.
• Institutional investors own 75.17% of Lucid’s stock, while the company has a $2.58 billion market capitalization and a debt-to-equity ratio of 3.00.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares traded down 6.1% on Monday . The stock traded as low as $6.46 and last traded at $6.61. 7,798,770 shares were traded during mid-day trading, a decline of 45% from the average daily volume of 14,158,924 shares. The stock had previously closed at $7.04.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on LCID. Royal Bank Of Canada reissued a "sector perform" rating and issued a $7.00 target price (down from $8.00) on shares of Lucid Group in a research note on Monday, July 13th. Cantor Fitzgerald reissued a "neutral" rating on shares of Lucid Group in a research note on Monday, August 3rd. TD Cowen cut their price target on shares of Lucid Group from $10.00 to $7.00 and set a "hold" rating on the stock in a research note on Wednesday, May 6th. Weiss Ratings restated a "sell (e+)" rating on shares of Lucid Group in a report on Wednesday, June 24th. Finally, Robert W. Baird set a $6.00 price target on Lucid Group in a research note on Wednesday, May 6th. One investment analyst has rated the stock with a Buy rating, seven have issued a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Reduce" and a consensus price target of $9.56.

Lucid Group Stock Performance

The stock's 50-day simple moving average is $6.14 and its 200-day simple moving average is $7.87. The company has a current ratio of 1.14, a quick ratio of 0.57 and a debt-to-equity ratio of 3.00. The stock has a market cap of $2.58 billion, a price-to-earnings ratio of -0.48 and a beta of 0.83.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently bought and sold shares of LCID. EverSource Wealth Advisors LLC increased its stake in shares of Lucid Group by 1,574.7% in the first quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company's stock valued at $28,000 after buying an additional 2,740 shares during the period. Brown Advisory Inc. boosted its position in Lucid Group by 47.5% during the 2nd quarter. Brown Advisory Inc. now owns 15,530 shares of the company's stock worth $33,000 after buying an additional 5,000 shares during the period. Jump Financial LLC bought a new stake in Lucid Group during the 2nd quarter worth approximately $41,000. Worldquant Millennium Advisors LLC bought a new stake in Lucid Group during the 2nd quarter worth approximately $59,000. Finally, Leonteq Securities AG acquired a new position in Lucid Group in the 4th quarter valued at approximately $67,000. 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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