Lucid Group (NASDAQ:LCID) Shares Down 2.1% – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID)’s stock price dropped 2.1% during trading on Thursday . The stock traded as low as $2.22 and last traded at $2.35. Approximately 95,048,796 shares traded hands during mid-day trading, an increase of 67% from the average daily volume of 56,778,421 shares. The stock had previously closed at $2.40.

Wall Street Analysts Forecast Growth

LCID has been the subject of a number of research reports. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research note on Wednesday, February 26th. Bank of America cut Lucid Group from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $3.00 to $1.00 in a research report on Wednesday, February 26th. Cantor Fitzgerald restated a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a report on Thursday. Stifel Nicolaus dropped their price target on shares of Lucid Group from $3.50 to $3.00 and set a “hold” rating on the stock in a research note on Thursday, February 27th. Finally, Cowen began coverage on shares of Lucid Group in a research note on Thursday, March 6th. They set a “hold” rating for the company. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $2.69.

Lucid Group Trading Down 3.3 %

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 stock has a 50-day simple moving average of $2.58 and a two-hundred day simple moving average of $2.72. The firm has a market capitalization of $7.03 billion, a P/E ratio of -1.73 and a beta of 0.97.

Institutional Trading of Lucid Group

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

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.