Lucid Group (NASDAQ:LCID) Hits New 1-Year Low Following Analyst Downgrade

Lucid Group, Inc. (NASDAQ:LCID)’s stock price reached a new 52-week low on Thursday after Royal Bank Of Canada lowered their price target on the stock from $20.00 to $14.00. Royal Bank Of Canada currently has a sector perform rating on the stock. Lucid Group 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.

A number of other analysts have also issued reports on LCID. Stifel Nicolaus lowered their target price on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a research note on Monday, November 17th. Morgan Stanley cut shares of Lucid Group from a “buy” rating to an “underweight” rating and lowered their price objective for the company from $30.00 to $10.00 in a research report on Monday, December 8th. Robert W. Baird set a $14.00 target price on shares of Lucid Group in a research report on Tuesday, January 6th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Lucid Group in a report on Wednesday, November 19th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a report on Monday, December 29th. Two research analysts have rated the stock with a Buy rating, six have given a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average price target of $18.92.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds have recently made changes to their positions in the stock. Cigna Investments Inc. New purchased a new position in shares of Lucid Group in the 2nd quarter worth approximately $25,000. Valeo Financial Advisors LLC grew its holdings in Lucid Group by 9.7% in the second quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock worth $25,000 after purchasing an additional 1,055 shares during the last quarter. Tyche Wealth Partners LLC acquired a new position in shares of Lucid Group during the second quarter worth $26,000. Concurrent Investment Advisors LLC purchased a new stake in shares of Lucid Group during the 2nd quarter valued at $29,000. Finally, Kingsview Wealth Management LLC purchased a new stake in shares of Lucid Group during the 2nd quarter valued at $30,000. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

Lucid Group Price Performance

The stock has a 50-day moving average price of $12.40 and a two-hundred day moving average price of $18.53. The company has a current ratio of 1.81, a quick ratio of 1.34 and a debt-to-equity ratio of 1.19. The stock has a market cap of $3.28 billion, a price-to-earnings ratio of -0.94 and a beta of 0.89.

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

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.