Lucid Group, Inc. (NASDAQ: LCID) saw a modest 1.2% gain during Monday’s trading session, with shares reaching a high of $2.18 before settling at $2.12. This movement comes despite a significant decline in trading volume, which dropped 72% below the average daily volume of 89.26 million shares.
Analyst Sentiment: Diverging Views on Lucid’s Future
Recent analyst reports on Lucid Group paint a mixed picture, with varying price targets and recommendations:
- Needham & Company LLC reiterated a hold rating.
- Redburn Atlantic downgraded the stock from neutral to sell, slashing the price target from $3.50 to $1.13.
- Bank of America issued an underperform rating and lowered its price target from $3.00 to $1.00.
- Stifel Nicolaus reduced its price target from $3.50 to $3.00 while maintaining a hold rating.
- Cantor Fitzgerald reaffirmed a neutral rating with a $3.00 price target.
The current analyst consensus on MarketBeat.com indicates an average rating of Hold with a price target of $2.69, reflecting cautious optimism in the market.
Lucid’s Market Performance and Key Metrics
Lucid’s market capitalization stands at $6.50 billion, with a price-to-earnings (P/E) ratio of -1.60 and a beta of 0.97, indicating moderate volatility compared to the broader market. The stock’s 50-day moving average is $2.75, while its 200-day moving average sits at $2.84. Lucid also maintains a debt-to-equity ratio of 0.77, alongside a current ratio of 3.71 and a quick ratio of 3.26, suggesting strong short-term liquidity.
Institutional Investors Increase Holdings
Institutional investors have shown increased interest in Lucid Group, with major firms making substantial moves:
- Public Investment Fund expanded its holdings by 28.8%, acquiring 396.19 million additional shares, bringing its total to 1.77 billion shares valued at $5.35 billion.
- Vanguard Group Inc. increased its stake by 31.1%, adding 26.17 million shares to reach 110.32 million shares valued at $333.16 million.
- Two Sigma Investments LP recorded an extraordinary 4,320.7% increase in holdings, purchasing 15.49 million additional shares.
- Renaissance Technologies LLC boosted its stake by 342.7%, adding 12.80 million shares.
- Two Sigma Advisers LP initiated a new position valued at $34.12 million.
Institutional investors now own 75.17% of Lucid Group’s stock, reinforcing confidence in the company’s long-term prospects.
Lucid’s stock performance remains under close watch as the EV sector navigates shifting market dynamics, analyst downgrades, and investor sentiment.