Lucid Group (NASDAQ:LCID) Trading Down 1.9% – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID) dropped 1.9% on Wednesday . The stock traded as low as $3.39 and last traded at $3.42. Approximately 26,450,552 shares changed 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.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. R. F. Lafferty raised shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price for the company in a report on Monday, November 11th. Benchmark assumed coverage on shares of Lucid Group in a research note on Wednesday, February 12th. They set a “buy” rating and a $5.00 target price on the stock. Cantor Fitzgerald reiterated a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a research report on Tuesday, January 7th. Finally, Royal Bank of Canada decreased their price objective 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. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Lucid Group has a consensus rating of “Hold” and an average price target of $3.24.

Lucid Group Stock Down 7.6 %

The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $9.22 billion, a PE ratio of -2.28 and a beta of 0.93. The company’s 50 day moving average is $2.98 and its two-hundred day moving average is $2.98.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Public Employees Retirement System of Ohio boosted its stake in Lucid Group by 5.3% during the fourth quarter. Public Employees Retirement System of Ohio now owns 339,579 shares of the company’s stock valued at $1,026,000 after buying an additional 17,230 shares during the last quarter. Alpine Global Management LLC boosted its position in shares of Lucid Group by 7.4% during the 4th quarter. Alpine Global Management LLC now owns 67,153 shares of the company’s stock valued at $203,000 after acquiring an additional 4,653 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Lucid Group by 23.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,612,631 shares of the company’s stock valued at $7,890,000 after acquiring an additional 504,171 shares during the last quarter. Waverly Advisors LLC purchased a new position in shares of Lucid Group in the fourth quarter valued at $35,000. Finally, Worldquant Millennium Advisors LLC bought a new stake in Lucid Group in the fourth quarter worth $5,390,000. 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.