Lucid Group (NASDAQ:LCID) Stock Price Down 1% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price was down 1% during mid-day trading on Wednesday . The company traded as low as $2.39 and last traded at $2.42. Approximately 18,099,655 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 60,788,295 shares. The stock had previously closed at $2.44.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on LCID shares. Morgan Stanley raised shares of Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 price objective on the stock in a research note on Tuesday, March 18th. TD Cowen assumed coverage on Lucid Group in a report on Friday, March 7th. They set a “hold” rating and a $2.30 price objective on the stock. Benchmark reissued a “buy” rating and issued a $5.00 target price on shares of Lucid Group in a report on Friday, March 7th. Bank of America downgraded Lucid Group from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $3.00 to $1.00 in a research report on Wednesday, February 26th. Finally, Stifel Nicolaus reduced their target price on shares of Lucid Group from $3.50 to $3.00 and set a “hold” rating on the stock in a report on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Lucid Group has a consensus rating of “Hold” and a consensus price target of $2.69.

Lucid Group Price Performance

The company has a market cap of $7.21 billion, a price-to-earnings ratio of -1.78 and a beta of 0.88. The company’s 50-day simple moving average is $2.49 and its 200-day simple moving average is $2.63. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26.

Hedge Funds Weigh In On Lucid Group

A number of institutional investors have recently made changes to their positions in LCID. Public Investment Fund increased its position in Lucid Group by 28.8% in the fourth 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 period. Vanguard Group Inc. boosted its holdings in 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 buying an additional 26,172,852 shares in the last quarter. Two Sigma Investments LP lifted 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 purchasing an additional 15,493,320 shares during the last quarter. Renaissance Technologies LLC increased its stake in Lucid Group by 342.7% in the 4th quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company’s stock worth $49,950,000 after purchasing an additional 12,803,987 shares in the last quarter. Finally, Two Sigma Advisers LP purchased a new stake in Lucid Group during the fourth quarter valued at about $34,123,000. 75.17% of the stock is owned by institutional investors and hedge funds.

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.