Lucid Group (NASDAQ:LCID) Sets New 52-Week Low – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID) hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $10.45 and last traded at $10.4970, with a volume of 2130504 shares changing hands. The stock had previously closed at $10.84.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Morgan Stanley lowered Lucid Group from a “buy” rating to an “underweight” rating and dropped their price target for the stock from $30.00 to $10.00 in a research report on Monday, December 8th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Lucid Group in a report on Wednesday, November 19th. Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a research report on Monday, December 29th. Stifel Nicolaus decreased their price target on Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a report on Monday, November 17th. Finally, Robert W. Baird set a $14.00 price target on Lucid Group in a research report on Tuesday, January 6th. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Reduce” and a consensus price target of $19.54.

Lucid Group Trading Down 3.9%

The stock has a fifty day moving average of $12.70 and a 200-day moving average of $18.69. 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 company has a market cap of $3.38 billion, a PE ratio of -0.98 and a beta of 0.89.

Lucid Group (NASDAQ:LCID) last released its earnings results on Wednesday, November 5th. The company reported ($2.65) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.32) by ($0.33). The business had revenue of $336.58 million during the quarter, compared to analysts’ expectations of $378.44 million. Lucid Group had a negative return on equity of 85.13% and a negative net margin of 224.99%.The business’s revenue for the quarter was up 68.3% on a year-over-year basis. During the same quarter in the previous year, the business earned ($2.76) EPS. Sell-side analysts anticipate that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

Several large investors have recently added to or reduced their stakes in LCID. HITE Hedge Asset Management LLC purchased a new stake in shares of Lucid Group in the third quarter valued at approximately $212,000. Johnson & White Wealth Management LLC purchased a new position in Lucid Group during the 3rd quarter worth $238,000. Sapient Capital LLC purchased a new position in Lucid Group during the 3rd quarter worth $287,000. Valeo Financial Advisors LLC raised its position in Lucid Group by 9.7% during the 2nd quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock valued at $25,000 after purchasing an additional 1,055 shares in the last quarter. Finally, Cigna Investments Inc. New purchased a new stake in shares of Lucid Group in the 2nd quarter worth $25,000. 75.17% of the stock is owned by hedge funds and other institutional investors.

About Lucid Group

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.