Lucid Group, Inc. (NASDAQ:LCID – Get Free Report)’s stock price traded down 2.4% on Wednesday . The company traded as low as $6.33 and last traded at $6.54. 6,001,482 shares were traded during mid-day trading, a decline of 57% from the average daily volume of 14,040,512 shares. The stock had previously closed at $6.70.
Analyst Ratings Changes
A number of analysts have recently issued reports on the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a report on Wednesday, June 24th. William Blair cut shares of Lucid Group to a “market perform” rating in a report on Monday, August 3rd. Evercore set a $6.00 price objective on shares of Lucid Group in a research report on Monday, May 11th. Morgan Stanley set a $5.00 price objective on shares of Lucid Group in a research report on Wednesday, May 6th. Finally, Royal Bank Of Canada restated a “sector perform” rating and issued a $7.00 target price (down from $8.00) on shares of Lucid Group in a report on Monday, July 13th. One research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, Lucid Group presently has a consensus rating of “Reduce” and a consensus target price of $9.56.
View Our Latest Research Report on LCID
Lucid Group Stock Down 4.7%
Institutional Trading of Lucid Group
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Royal Bank of Canada boosted its stake in shares of Lucid Group by 9.5% during the 1st quarter. Royal Bank of Canada now owns 110,716 shares of the company’s stock worth $267,000 after acquiring an additional 9,578 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of Lucid Group by 89.9% in the 1st quarter. AQR Capital Management LLC now owns 537,801 shares of the company’s stock worth $1,226,000 after purchasing an additional 254,551 shares in the last quarter. NewEdge Advisors LLC increased its stake in shares of Lucid Group by 103.2% in the 1st quarter. NewEdge Advisors LLC now owns 37,987 shares of the company’s stock worth $92,000 after purchasing an additional 19,294 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in Lucid Group by 112.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock worth $13,166,000 after purchasing an additional 2,874,603 shares during the period. Finally, Empowered Funds LLC raised its holdings in Lucid Group by 11.3% in the 1st quarter. Empowered Funds LLC now owns 110,844 shares of the company’s stock worth $268,000 after purchasing an additional 11,252 shares during the period. 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.
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