Lucid Group, Inc. (NASDAQ: LCID) saw its stock decline by 0.7% on Wednesday, hitting an intraday low of $2.09 before closing at the same price. Trading volume fell sharply, with 29.6 million shares exchanged, marking a 66% decline from its average session volume of 86.4 million shares.
Analyst Downgrades and Price Target Cuts
Several Wall Street analysts have recently revised their outlook on Lucid Group, significantly lowering their price targets and ratings.
- Royal Bank of Canada reduced its price target from $3.00 to $2.00, maintaining a “sector perform” rating.
- Bank of America downgraded Lucid Group from “neutral” to “underperform” and slashed its price target from $3.00 to $1.00.
- Redburn Atlantic shifted its rating from “neutral” to “sell”, cutting its price target from $3.50 to $1.13.
- Benchmark initiated coverage on Lucid Group, assigning a “buy” rating and a $5.00 price target, standing out as one of the few bullish calls on the stock.
- Needham & Company LLC reiterated a “hold” rating but refrained from issuing a specific price target.
Market Reaction and Investor Sentiment
The sharp downward revisions reflect growing concerns over Lucid’s ability to navigate challenges in the competitive EV space. With volume plummeting and investor sentiment wavering, all eyes are on Lucid’s next earnings report and strategic direction to regain momentum in the market.
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