Lucid Group (NASDAQ:LCID) Shares Down 8.3% – What’s Next?

Shares of Lucid Group, Inc. (NASDAQ:LCID) were down 8.3% during mid-day trading on Monday . The company traded as low as $2.71 and last traded at $2.81. Approximately 61,316,303 shares traded hands during trading, a decline of 24% from the average daily volume of 80,219,023 shares. The stock had previously closed at $3.06.

Wall Street Analyst Weigh In

LCID has been the subject of several recent research reports. Cantor Fitzgerald reissued a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research report on Tuesday, January 7th. Benchmark assumed coverage on Lucid Group in a research report on Wednesday, February 12th. They issued a “buy” rating and a $5.00 target price on the stock. 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 on the stock in a research report on Tuesday, November 19th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Finally, Redburn Atlantic lowered Lucid Group from a “neutral” rating to a “sell” rating and lowered their target price for the company from $3.50 to $1.13 in a report on Monday. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $2.90.

Lucid Group Stock Performance

The stock has a market cap of $8.36 billion, a P/E ratio of -2.07 and a beta of 0.93. The firm has a 50 day moving average of $2.99 and a two-hundred day moving average of $2.98. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71.

Institutional Trading of Lucid Group

Several institutional investors have recently made changes to their positions in the business. Pine Valley Investments Ltd Liability Co increased its holdings in shares of Lucid Group by 27.8% during the third quarter. Pine Valley Investments Ltd Liability Co now owns 17,526 shares of the company’s stock worth $62,000 after buying an additional 3,816 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S grew its position in shares of Lucid Group by 43.8% during the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 14,111 shares of the company’s stock worth $43,000 after buying an additional 4,296 shares during the period. Sei Investments Co. increased its position in shares of Lucid Group by 14.0% in the 4th quarter. Sei Investments Co. now owns 36,031 shares of the company’s stock valued at $109,000 after buying an additional 4,431 shares in the last quarter. Voya Investment Management LLC increased its stake in Lucid Group by 4.0% during the 4th quarter. Voya Investment Management LLC now owns 120,067 shares of the company’s stock worth $363,000 after purchasing an additional 4,591 shares in the last quarter. Finally, Greenleaf Trust boosted its holdings in shares of Lucid Group by 22.0% in the third quarter. Greenleaf Trust now owns 25,487 shares of the company’s stock valued at $90,000 after buying an additional 4,604 shares during the period. 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.