Lucid Group (NASDAQ:LCID) Hits New 1-Year Low – Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID) shares hit a new 52-week low during trading on Monday . The company traded as low as $9.50 and last traded at $9.6410, with a volume of 1222830 shares traded. The stock had previously closed at $9.55.

Wall Street Analyst Weigh In

LCID has been the subject of several research analyst reports. Morgan Stanley downgraded shares of Lucid Group from a “buy” rating to an “underweight” rating and reduced their price objective for the stock from $30.00 to $10.00 in a report on Monday, December 8th. Zacks Research lowered Lucid Group from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 22nd. 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 reduced their target price on Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a report on Monday, November 17th. Finally, Weiss Ratings reiterated 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, five have assigned a Hold rating and five have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $18.92.

Lucid Group Stock Performance

The firm has a fifty day simple moving average of $10.86 and a 200 day simple moving average of $16.01. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.81 and a quick ratio of 1.34. The company has a market cap of $3.01 billion, a price-to-earnings ratio of -0.86 and a beta of 1.16.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Tudor Investment Corp ET AL bought a new stake in Lucid Group during the 3rd quarter worth about $1,361,978,000. Uber Technologies Inc acquired a new position in Lucid Group in the third quarter valued at approximately $326,283,000. Marshall Wace LLP boosted its stake in Lucid Group by 2,398.5% in the second quarter. Marshall Wace LLP now owns 12,652,537 shares of the company’s stock valued at $26,697,000 after acquiring an additional 12,146,136 shares during the last quarter. Norges Bank acquired a new stake in Lucid Group during the 2nd quarter worth $16,469,000. Finally, Linden Advisors LP acquired a new stake in Lucid Group during the 2nd quarter worth $9,885,000. 75.17% of the stock is currently owned by 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.