Lucid Group, Inc. (NASDAQ: LCID) experienced a 0.7% decline on Wednesday, hitting an intraday low of $2.09 before closing at the same price. Trading volume also saw a significant drop, with 29.6 million shares exchanged—a sharp 66% decline from its average daily volume of 86.4 million shares.
Analyst Downgrades and Price Target Cuts
Several Wall Street analysts have recently revised their outlook on Lucid Group, slashing their price targets and lowering their ratings.
- Royal Bank of Canada lowered its price target from $3.00 to $2.00 while maintaining a “sector perform” rating.
- Bank of America downgraded Lucid from “neutral” to “underperform” and cut its price target from $3.00 to $1.00.
- Redburn Atlantic shifted its rating from “neutral” to “sell”, reducing its price target from $3.50 to $1.13.
- Benchmark took a bullish stance, initiating coverage with a “buy” rating and a $5.00 price target—one of the few positive calls on the stock.
- Needham & Company LLC maintained a “hold” rating but did not issue a specific price target.
Investor Sentiment and Market Outlook
The wave of downgrades and price target cuts reflects growing concerns over Lucid’s ability to compete in the crowded and challenging EV market. With trading volume plummeting and investor confidence weakening, all eyes are on Lucid’s next earnings report and strategic plans to determine whether the company can regain its footing.
