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

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

Wall Street Analysts Forecast Growth

LCID has been the topic of several research analyst reports. Redburn Atlantic lowered Lucid Group from a “neutral” rating to a “sell” rating and cut their price target for the stock from $3.50 to $1.13 in a research report on Monday, February 24th. Bank of America cut shares of Lucid Group from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $3.00 to $1.00 in a report on Wednesday, February 26th. Cantor Fitzgerald reissued a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a research note on Wednesday, February 26th. Stifel Nicolaus dropped their price objective on Lucid Group from $3.50 to $3.00 and set a “hold” rating for the company in a research note on Thursday, February 27th. Finally, Royal Bank of Canada lowered their target price on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a report on Tuesday, November 19th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Lucid Group currently has a consensus rating of “Hold” and a consensus price target of $2.69.

Lucid Group Stock Up 0.5 %

The stock has a market cap of $6.34 billion, a price-to-earnings ratio of -1.56 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. The firm’s 50-day moving average is $2.83 and its 200 day moving average is $2.90.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Public Investment Fund raised its position in Lucid Group by 28.8% in the fourth quarter. Public Investment Fund now owns 1,770,888,684 shares of the company’s stock valued at $5,348,084,000 after purchasing an additional 396,188,386 shares during the period. Vanguard Group Inc. raised its holdings in shares of Lucid Group by 31.1% during the 4th quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company’s stock valued at $333,163,000 after buying an additional 26,172,852 shares during the period. Geode Capital Management LLC lifted its position in Lucid Group by 31.4% during the 4th quarter. Geode Capital Management LLC now owns 20,263,309 shares of the company’s stock worth $61,214,000 after acquiring an additional 4,844,782 shares in the last quarter. Renaissance Technologies LLC boosted 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 acquiring an additional 12,803,987 shares during the period. Finally, Two Sigma Investments LP grew its position in Lucid Group by 4,320.7% in the fourth quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company’s stock valued at $47,873,000 after acquiring an additional 15,493,320 shares in the last quarter. Hedge funds and other institutional investors own 75.17% of the company’s stock.

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.