Lucid Group (NASDAQ:LCID) Stock Price Down 2% – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID) shares dropped 2% on Tuesday . The company traded as low as $1.99 and last traded at $2.04. Approximately 45,715,866 shares traded hands during trading, a decline of 48% from the average daily volume of 88,320,000 shares. The stock had previously closed at $2.08.

Analyst Upgrades and Downgrades

Several research firms have recently commented on LCID. TD Cowen began coverage on Lucid Group in a research note on Friday, March 7th. They issued a “hold” rating and a $2.30 price objective for the company. Benchmark restated a “buy” rating and issued a $5.00 price objective on shares of Lucid Group in a research note on Friday, March 7th. Bank of America lowered Lucid Group from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $3.00 to $1.00 in a research note on Wednesday, February 26th. Cowen began coverage on Lucid Group in a research note on Thursday, March 6th. They issued a “hold” rating for the company. Finally, Royal Bank of Canada reduced their price objective on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a research note on Tuesday, November 19th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $2.69.

Lucid Group Trading Down 6.0 %

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 stock has a market cap of $6.15 billion, a P/E ratio of -1.51 and a beta of 0.97. The stock’s fifty day moving average is $2.77 and its 200 day moving average is $2.87.

Institutional Trading of Lucid Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Public Investment Fund raised its position in Lucid Group by 28.8% in the 4th 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. raised its position in Lucid Group by 31.1% in the 4th 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. Geode Capital Management LLC raised its position in Lucid Group by 31.4% in the 4th 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 period. Renaissance Technologies LLC raised 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 position in Lucid Group by 4,320.7% in the 4th 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. 75.17% of the stock is owned by hedge funds and other 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.