Lucid Group (NASDAQ:LCID) Shares Down 6.3% – Time to Sell?
by Danessa Lincoln · The Markets DailyLucid Group, Inc. (NASDAQ:LCID – Get Free Report) dropped 6.3% during mid-day trading on Monday . The stock traded as low as $9.09 and last traded at $9.33. Approximately 9,090,321 shares were traded during trading, an increase of 29% from the average daily volume of 7,070,326 shares. The stock had previously closed at $9.96.
Analyst Ratings Changes
LCID has been the topic of several analyst reports. Benchmark reiterated a “buy” rating on shares of Lucid Group in a report on Thursday, February 19th. Morgan Stanley cut Lucid Group from a “buy” rating to an “underweight” rating and decreased their price target for the stock from $30.00 to $10.00 in a research note on Monday, December 8th. Robert W. Baird set a $14.00 price objective on Lucid Group in a research report on Tuesday, January 6th. Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a research note on Friday, March 27th. Finally, Bank of America assumed 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. Two investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $13.14.
Read Our Latest Analysis on LCID
Lucid Group Stock Down 6.3%
The company has a market capitalization of $3.06 billion, a P/E ratio of -0.77 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. The company has a 50 day moving average of $10.17 and a 200-day moving average of $13.71.
Institutional Trading of Lucid Group
A number of institutional investors and hedge funds have recently added to or reduced their stakes in LCID. Royal Bank of Canada increased its position in Lucid Group by 9.5% during the 1st quarter. Royal Bank of Canada now owns 110,716 shares of the company’s stock valued at $267,000 after purchasing an additional 9,578 shares during the period. AQR Capital Management LLC lifted its position in shares of Lucid Group by 89.9% in the 1st quarter. AQR Capital Management LLC now owns 537,801 shares of the company’s stock worth $1,226,000 after purchasing an additional 254,551 shares during the period. NewEdge Advisors LLC boosted its stake in shares of Lucid Group by 103.2% during the 1st quarter. NewEdge Advisors LLC now owns 37,987 shares of the company’s stock valued at $92,000 after purchasing an additional 19,294 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Lucid Group by 112.0% during the 1st 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 in the last quarter. Finally, Empowered Funds LLC increased its position in shares of Lucid Group by 11.3% during the first quarter. Empowered Funds LLC now owns 110,844 shares of the company’s stock valued at $268,000 after buying an additional 11,252 shares during the period. Hedge funds and other 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.