Lucid Group (NASDAQ:LCID) Shares Down 3.1% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID) shares traded down 3.1% on Tuesday . The stock traded as low as $2.03 and last traded at $2.06. 30,560,287 shares were traded during mid-day trading, a decline of 64% from the average session volume of 85,873,141 shares. The stock had previously closed at $2.12.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on LCID shares. Bank of America lowered shares of Lucid Group from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $3.00 to $1.00 in a research 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. Benchmark initiated coverage on Lucid Group in a report on Wednesday, February 12th. They issued a “buy” rating and a $5.00 price target for the company. Royal Bank of Canada decreased their price objective on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research note on Tuesday, November 19th. Finally, Redburn Atlantic cut Lucid Group from a “neutral” rating to a “sell” rating and dropped their price objective for the stock from $3.50 to $1.13 in a 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. According to MarketBeat.com, Lucid Group has a consensus rating of “Hold” and an average target price of $2.73.

Lucid Group Price Performance

The firm has a market capitalization of $6.32 billion, a P/E ratio of -1.57 and a beta of 0.93. 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 business has a 50 day simple moving average of $2.94 and a two-hundred day simple moving average of $2.95.

Institutional Investors Weigh In On Lucid Group

A number of institutional investors and hedge funds have recently bought and sold shares of LCID. Public Investment Fund increased its holdings in shares of 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 buying an additional 396,188,386 shares during the last quarter. Vanguard Group Inc. grew its position in Lucid Group by 31.1% in 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 in the last quarter. Geode Capital Management LLC increased its stake in Lucid Group by 31.4% in the fourth quarter. Geode Capital Management LLC now owns 20,263,309 shares of the company’s stock valued at $61,214,000 after acquiring an additional 4,844,782 shares during the last quarter. Renaissance Technologies LLC raised its position in 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 purchasing an additional 12,803,987 shares in the last quarter. Finally, Two Sigma Investments LP lifted its stake in 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 worth $47,873,000 after purchasing an additional 15,493,320 shares during the last quarter. 75.17% of the stock is owned by hedge funds and other institutional investors.

Lucid Group Company Profile

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.