Lucid Group (NASDAQ:LCID) Shares Down 1.9% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) shares dropped 1.9% on Wednesday . The stock traded as low as $3.39 and last traded at $3.42. Approximately 26,450,552 shares traded hands during trading, a decline of 67% from the average daily volume of 79,239,094 shares. The stock had previously closed at $3.48.

Wall Street Analysts Forecast Growth

LCID has been the subject of several recent analyst reports. Cantor Fitzgerald reiterated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research report on Tuesday, January 7th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. Benchmark initiated coverage on shares of Lucid Group in a research report on Wednesday, February 12th. They set a “buy” rating and a $5.00 price objective for the company. R. F. Lafferty upgraded shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective for the company in a research report on Monday, November 11th. Finally, Royal Bank of Canada reduced their price target on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $3.24.

Lucid Group Price Performance

The firm has a market capitalization of $10.25 billion, a price-to-earnings ratio of -2.54 and a beta of 0.93. The business’s fifty day simple moving average is $2.94 and its 200 day simple moving average is $2.97. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Public Investment Fund grew its holdings in shares of Lucid Group by 28.8% during the fourth quarter. Public Investment Fund now owns 1,770,888,684 shares of the company’s stock valued at $5,348,084,000 after buying an additional 396,188,386 shares during the last quarter. Vanguard Group Inc. grew its holdings 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 valued at $333,163,000 after buying an additional 26,172,852 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Lucid Group by 31.4% during the fourth quarter. Geode Capital Management LLC now owns 20,263,309 shares of the company’s stock valued at $61,214,000 after buying an additional 4,844,782 shares during the last quarter. Renaissance Technologies LLC grew its holdings in shares of Lucid Group by 342.7% during the fourth quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company’s stock valued at $49,950,000 after buying an additional 12,803,987 shares during the last quarter. Finally, Two Sigma Investments LP grew its holdings in shares of Lucid Group by 4,320.7% during the fourth quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company’s stock valued at $47,873,000 after buying an additional 15,493,320 shares during the last quarter. 75.17% of the stock is currently owned by institutional investors and hedge funds.

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.