Lucid Group (NASDAQ:LCID) Trading Down 8% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID) fell 8% on Wednesday . The stock traded as low as $9.98 and last traded at $10.05. 8,892,258 shares changed hands during trading, an increase of 9% from the average session volume of 8,129,248 shares. The stock had previously closed at $10.92.

Analysts Set New Price Targets

LCID has been the subject of several recent research reports. Robert W. Baird set a $14.00 target price on shares of Lucid Group in a report on Tuesday, January 6th. Royal Bank Of Canada cut their price target on shares of Lucid Group from $20.00 to $14.00 and set a “sector perform” rating on the stock in a report on Wednesday, January 14th. Stifel Nicolaus decreased their price objective on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a report on Monday, November 17th. Cantor Fitzgerald restated an “overweight” rating on shares of Lucid Group in a research note on Wednesday, November 19th. Finally, Morgan Stanley lowered Lucid Group from a “buy” rating to an “underweight” rating and decreased their target price for the stock from $30.00 to $10.00 in a research report on Monday, December 8th. Two investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and five have issued a Sell rating to the stock. According to MarketBeat.com, Lucid Group presently has a consensus rating of “Reduce” and an average price target of $18.92.

Lucid Group Stock Down 8.0%

The company’s 50-day moving average price is $11.36 and its 200 day moving average price is $16.96. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.34 and a current ratio of 1.81. The stock has a market cap of $3.26 billion, a PE ratio of -0.94 and a beta of 1.16.

Hedge Funds Weigh In On Lucid Group

Institutional investors and hedge funds have recently bought and sold shares of the stock. Rockefeller Capital Management L.P. raised its stake in Lucid Group by 11.1% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 340,533 shares of the company’s stock worth $719,000 after acquiring an additional 34,116 shares during the period. HBK Investments L P purchased a new stake in shares of Lucid Group during the second quarter worth about $2,658,000. Highbridge Capital Management LLC bought a new stake in Lucid Group during the 2nd quarter valued at approximately $3,245,000. Y Intercept Hong Kong Ltd purchased a new position in Lucid Group in the 3rd quarter worth approximately $2,248,000. Finally, Marex Group plc purchased a new stake in Lucid Group during the 2nd quarter valued at approximately $7,613,000. 75.17% of the stock is currently owned by hedge funds and other 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.