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

Lucid Group, Inc. (NASDAQ:LCID) was down 3.1% during mid-day trading on Thursday . The company traded as low as $2.34 and last traded at $2.37. Approximately 24,885,134 shares changed hands during mid-day trading, a decline of 54% from the average daily volume of 53,800,824 shares. The stock had previously closed at $2.44.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on LCID shares. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a report on Wednesday, February 26th. TD Cowen started coverage on shares of Lucid Group in a report on Friday, March 7th. They issued a “hold” rating and a $2.30 price objective on the stock. Bank of America downgraded shares of Lucid Group from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $3.00 to $1.00 in a report on Wednesday, February 26th. Cowen started coverage on shares of Lucid Group in a report on Thursday, March 6th. They set a “hold” rating on the stock. Finally, Stifel Nicolaus lowered 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 equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $2.69.

Lucid Group Stock Performance

The stock’s 50-day moving average price is $2.67 and its 200-day moving average price is $2.80. The company has a market cap of $7.34 billion, a P/E ratio of -1.81 and a beta of 0.97. 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 Investors Weigh In On Lucid Group

A number of institutional investors have recently modified their holdings of LCID. Public Investment Fund lifted its position in Lucid Group by 28.8% during the fourth quarter. Public Investment Fund now owns 1,770,888,684 shares of the company’s stock worth $5,348,084,000 after purchasing an additional 396,188,386 shares during the period. Vanguard Group Inc. lifted its position 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 purchasing an additional 26,172,852 shares during the period. Two Sigma Investments LP lifted its position 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 period. Renaissance Technologies LLC lifted 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 worth $49,950,000 after purchasing an additional 12,803,987 shares during the period. Finally, Two Sigma Advisers LP bought a new stake in Lucid Group during the fourth quarter worth about $34,123,000. 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.