Lucid Group (NASDAQ:LCID) Stock Price Down 0.6% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s share price was down 0.6% during trading on Monday . The company traded as low as $2.21 and last traded at $2.31. Approximately 19,347,016 shares changed hands during trading, a decline of 65% from the average daily volume of 55,530,742 shares. The stock had previously closed at $2.32.

Analyst Ratings Changes

LCID has been the subject of several research reports. Morgan Stanley upgraded Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 price target for the company in a research report on Tuesday, March 18th. Stifel Nicolaus lowered their price objective on Lucid Group from $3.50 to $3.00 and set a “hold” rating on the stock in a research note on Thursday, February 27th. Benchmark reissued a “buy” rating and issued a $5.00 price objective on shares of Lucid Group in a report on Friday, March 7th. Cowen assumed coverage on Lucid Group in a report on Thursday, March 6th. They issued a “hold” rating on the stock. Finally, Bank of America downgraded Lucid Group from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $3.00 to $1.00 in a research report on Wednesday, February 26th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat, Lucid Group presently has a consensus rating of “Hold” and an average target price of $2.69.

Lucid Group Stock Performance

The firm has a fifty day simple moving average of $2.61 and a 200-day simple moving average of $2.74. The company has a market cap of $7.29 billion, a PE ratio of -1.79 and a beta of 0.97. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Public Investment Fund lifted its holdings in shares of 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. boosted 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 valued at $333,163,000 after purchasing an additional 26,172,852 shares in the last quarter. Two Sigma Investments LP increased its position 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 worth $47,873,000 after purchasing an additional 15,493,320 shares during the period. Renaissance Technologies LLC raised its stake in shares of Lucid Group by 342.7% during the 4th quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company’s stock worth $49,950,000 after buying an additional 12,803,987 shares in the last quarter. Finally, Two Sigma Advisers LP acquired a new stake in shares of Lucid Group in the 4th quarter valued at approximately $34,123,000. 75.17% of the stock is currently owned by institutional investors and hedge funds.

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.