Lucid Group (NASDAQ:LCID) Stock Price Down 4.9% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) traded down 4.9% on Wednesday . The company traded as low as $2.39 and last traded at $2.41. 30,374,283 shares traded hands during mid-day trading, a decline of 46% from the average session volume of 56,079,390 shares. The stock had previously closed at $2.53.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on LCID shares. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research report on Wednesday, February 26th. Bank of America downgraded shares of Lucid Group from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $3.00 to $1.00 in a research report on Wednesday, February 26th. Cowen started coverage on shares of Lucid Group in a report on Thursday, March 6th. They issued a “hold” rating for the company. Benchmark reissued a “buy” rating and set a $5.00 price target on shares of Lucid Group in a report on Friday, March 7th. Finally, Cantor Fitzgerald restated a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a research report on Friday, March 28th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $2.69.

Lucid Group Stock Performance

The stock has a 50 day moving average of $2.59 and a two-hundred day moving average of $2.72. The stock has a market capitalization of $7.37 billion, a PE 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.

Hedge Funds Weigh In On Lucid Group

A number of institutional investors and hedge funds have recently made changes to their positions in LCID. Pine Valley Investments Ltd Liability Co boosted its holdings in Lucid Group by 27.8% during the third quarter. Pine Valley Investments Ltd Liability Co now owns 17,526 shares of the company’s stock worth $62,000 after buying an additional 3,816 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S lifted its position in shares of Lucid Group by 43.8% during the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 14,111 shares of the company’s stock valued at $43,000 after acquiring an additional 4,296 shares during the period. Sei Investments Co. boosted its stake in shares of Lucid Group by 14.0% during the 4th quarter. Sei Investments Co. now owns 36,031 shares of the company’s stock worth $109,000 after acquiring an additional 4,431 shares in the last quarter. Voya Investment Management LLC grew its holdings in shares of Lucid Group by 4.0% in the 4th quarter. Voya Investment Management LLC now owns 120,067 shares of the company’s stock worth $363,000 after acquiring an additional 4,591 shares during the period. Finally, Alpine Global Management LLC increased its stake in Lucid Group by 7.4% in the 4th quarter. Alpine Global Management LLC now owns 67,153 shares of the company’s stock valued at $203,000 after purchasing an additional 4,653 shares in the last quarter. 75.17% of the stock is owned by institutional investors and hedge funds.

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.