Lucid Group (NASDAQ:LCID) Sets New 1-Year Low – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s stock price reached a new 52-week low during mid-day trading on Monday . The company traded as low as $9.07 and last traded at $9.1410, with a volume of 4617527 shares changing hands. The stock had previously closed at $9.40.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on LCID. Robert W. Baird set a $14.00 price target on Lucid Group in a research report on Tuesday, January 6th. Benchmark reiterated a “buy” rating on shares of Lucid Group in a research note on Thursday, February 19th. Citigroup initiated coverage on Lucid Group in a report on Wednesday, March 18th. They issued a “buy” rating and a $17.00 price objective for the company. Royal Bank Of Canada reissued a “sector perform” rating and issued a $10.00 target price on shares of Lucid Group in a research note on Wednesday, February 25th. Finally, Bank of America began coverage on shares of Lucid Group in a report on Wednesday, March 4th. They set 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 given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $13.14.

Lucid Group Price Performance

The company has a quick ratio of 0.83, a current ratio of 1.25 and a debt-to-equity ratio of 3.00. The firm has a market cap of $3.13 billion, a P/E ratio of -0.79 and a beta of 1.12. The business has a fifty day moving average of $10.27 and a 200 day moving average of $13.92.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in LCID. Royal Bank of Canada lifted its holdings 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 last quarter. AQR Capital Management LLC increased its holdings in shares of Lucid Group by 89.9% in the first quarter. AQR Capital Management LLC now owns 537,801 shares of the company’s stock valued at $1,226,000 after purchasing an additional 254,551 shares during the last quarter. NewEdge Advisors LLC raised its position in shares of Lucid Group by 103.2% in the first 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 during the period. Goldman Sachs Group Inc. raised its position in shares of Lucid Group by 112.0% in the first 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 during the period. Finally, Empowered Funds LLC lifted its stake in shares of Lucid Group by 11.3% during the 1st quarter. Empowered Funds LLC now owns 110,844 shares of the company’s stock worth $268,000 after buying an additional 11,252 shares during the last quarter. 75.17% of the stock is currently 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.