Lucid Group (NASDAQ:LCID) Trading Down 1.2% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) fell 1.2% during mid-day trading on Thursday . The stock traded as low as $2.07 and last traded at $2.15. 33,710,996 shares were traded during mid-day trading, a decline of 61% from the average session volume of 86,995,969 shares. The stock had previously closed at $2.17.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Cantor Fitzgerald reissued a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a report on Wednesday, February 26th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research report on Wednesday, February 26th. Stifel Nicolaus cut their price objective on shares of Lucid Group from $3.50 to $3.00 and set a “hold” rating for the company in a research note on Thursday, February 27th. Bank of America lowered Lucid Group from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $3.00 to $1.00 in a research report on Wednesday, February 26th. Finally, Redburn Atlantic cut shares of Lucid Group from a “neutral” rating to a “sell” rating and decreased their price objective for the company from $3.50 to $1.13 in a research report on Monday, February 24th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $2.73.

Lucid Group Stock Down 3.9 %

The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The stock has a market capitalization of $6.28 billion, a P/E ratio of -1.56 and a beta of 0.93. The company’s 50-day moving average price is $2.89 and its 200 day moving average price is $2.93.

Institutional Trading of Lucid Group

Several institutional investors have recently made changes to their positions in LCID. Public Investment Fund boosted its stake in Lucid Group by 28.8% in the 4th quarter. Public Investment Fund now owns 1,770,888,684 shares of the company’s stock worth $5,348,084,000 after purchasing an additional 396,188,386 shares during the period. Vanguard Group Inc. boosted its position in shares of Lucid Group by 31.1% during the fourth quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company’s stock worth $333,163,000 after acquiring an additional 26,172,852 shares during the last quarter. Two Sigma Investments LP increased its holdings in Lucid Group by 4,320.7% in the 4th quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company’s stock valued at $47,873,000 after acquiring an additional 15,493,320 shares during the last quarter. Renaissance Technologies LLC increased its holdings in Lucid Group by 342.7% in the 4th quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company’s stock valued at $49,950,000 after acquiring an additional 12,803,987 shares during the last quarter. Finally, Two Sigma Advisers LP purchased a new stake in Lucid Group in the 4th quarter worth $34,123,000. Hedge funds and other institutional investors own 75.17% of the company’s stock.

About Lucid Group

Lucid Group, Inc a technology company, designs, engineers, manufactures, and sells electric vehicles (EV), EV powertrains, and battery systems. It also designs and develops proprietary software in-house for Lucid vehicles. The company sells vehicles directly to consumers through its retail sales network and direct online sales, including Lucid Financial Services.