Lucid Group (NASDAQ:LCID) Trading Down 2.1% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s share price fell 2.1% on Friday . The company traded as low as $9.53 and last traded at $9.55. 6,775,070 shares were traded during trading, a decline of 12% from the average session volume of 7,732,087 shares. The stock had previously closed at $9.75.

Wall Street Analyst Weigh In

Several research analysts recently commented on LCID shares. Stifel Nicolaus cut their price target on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a report on Monday, November 17th. Benchmark reaffirmed a “buy” rating on shares of Lucid Group in a research note on Thursday. Morgan Stanley lowered Lucid Group from a “buy” rating to an “underweight” rating and lowered their target price for the company from $30.00 to $10.00 in a report on Monday, December 8th. Zacks Research downgraded shares of Lucid Group from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 22nd. Finally, Robert W. Baird set a $14.00 price target on Lucid Group in a research report on Tuesday, January 6th. Two investment analysts have rated the stock with a Buy rating, five have given a Hold rating and five have assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $18.92.

Lucid Group Stock Performance

The stock has a market cap of $3.10 billion, a price-to-earnings ratio of -0.89 and a beta of 1.16. The company has a quick ratio of 1.34, a current ratio of 1.81 and a debt-to-equity ratio of 1.19. The stock’s fifty day moving average is $10.92 and its 200-day moving average is $16.11.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of LCID. Leonteq Securities AG acquired a new position in Lucid Group during the fourth quarter worth $67,000. Eurizon Capital SGR S.p.A. acquired a new position in shares of Lucid Group during the 4th quarter worth about $86,000. HITE Hedge Asset Management LLC bought a new stake in shares of Lucid Group in the 3rd quarter valued at about $212,000. Johnson & White Wealth Management LLC acquired a new position in shares of Lucid Group during the 3rd quarter worth approximately $238,000. Finally, Vance Wealth LLC acquired a new position in Lucid Group in the 4th quarter valued at about $106,000. 75.17% of the stock is owned by institutional investors and hedge funds.

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.