Lucid Group (NASDAQ:LCID) Trading Down 0.7% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) fell 0.7% on Wednesday . The stock traded as low as $2.09 and last traded at $2.09. 29,618,150 shares traded hands during trading, a decline of 66% from the average session volume of 86,420,281 shares. The stock had previously closed at $2.10.

Wall Street Analyst Weigh In

A number of research firms have issued reports on LCID. Royal Bank of Canada decreased their price objective on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a report on Tuesday, November 19th. Bank of America lowered shares of Lucid Group from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $3.00 to $1.00 in a research note on Wednesday, February 26th. 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 price objective on the stock. Redburn Atlantic downgraded shares of Lucid Group from a “neutral” rating to a “sell” rating and decreased their target price for the company from $3.50 to $1.13 in a research note on Monday, February 24th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a report on Wednesday, February 26th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Lucid Group currently has a consensus rating of “Hold” and a consensus target price of $2.73.

Lucid Group Price Performance

The firm has a 50-day moving average of $2.91 and a 200-day moving average of $2.94. 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 firm has a market capitalization of $6.46 billion, a P/E ratio of -1.60 and a beta of 0.93.

Institutional Investors Weigh In On Lucid Group

Large investors have recently bought and sold shares of the business. Public Investment Fund boosted its holdings in shares of Lucid Group by 28.8% during the 4th quarter. Public Investment Fund now owns 1,770,888,684 shares of the company’s stock valued at $5,348,084,000 after acquiring an additional 396,188,386 shares during the last quarter. 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 valued at $333,163,000 after purchasing an additional 26,172,852 shares during the period. Geode Capital Management LLC boosted its holdings 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 worth $61,214,000 after purchasing an additional 4,844,782 shares during the last quarter. Renaissance Technologies LLC grew its position 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 during the period. Finally, Two Sigma Investments LP raised its stake in Lucid Group by 4,320.7% during the 4th quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company’s stock valued at $47,873,000 after buying an additional 15,493,320 shares during the last quarter. 75.17% of the stock is currently owned by 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.