Lucid Group (NASDAQ:LCID) Stock Price Down 1.2% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID) shares fell 1.2% during trading on Thursday . The stock traded as low as $2.07 and last traded at $2.15. 33,710,996 shares traded hands during mid-day trading, a decline of 61% from the average session volume of 86,995,969 shares. The stock had previously closed at $2.17.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Benchmark reissued a “buy” rating and issued a $5.00 target price on shares of Lucid Group in a research note on Friday. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research report on Wednesday, February 26th. Bank of America cut shares of Lucid Group from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $3.00 to $1.00 in a report on Wednesday, February 26th. Redburn Atlantic cut shares of Lucid Group from a “neutral” rating to a “sell” rating and dropped their price target for the company from $3.50 to $1.13 in a research report on Monday, February 24th. Finally, Royal Bank of Canada dropped their price target on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a research report on Tuesday, November 19th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $2.69.

Lucid Group Stock Up 2.9 %

The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $6.48 billion, a P/E ratio of -1.60 and a beta of 0.97. The company’s fifty day simple moving average is $2.87 and its 200 day simple moving average is $2.93.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in LCID. Public Investment Fund raised its holdings 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 in the last quarter. Vanguard Group Inc. raised its holdings 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 in the last quarter. Two Sigma Investments LP raised its holdings 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 in the last quarter. Renaissance Technologies LLC raised its holdings 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 bought a new position in Lucid Group in the 4th quarter worth $34,123,000. 75.17% of the stock is currently owned by institutional investors.

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.