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

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

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Benchmark reissued a “buy” rating and set a $5.00 price objective on shares of Lucid Group in a research note on Friday, March 7th. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research note on Wednesday, February 26th. Redburn Atlantic lowered Lucid Group from a “neutral” rating to a “sell” rating and dropped their price objective for the company from $3.50 to $1.13 in a research note on Monday, February 24th. Stifel Nicolaus dropped their price target 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, TD Cowen assumed coverage on Lucid Group in a research note on Friday, March 7th. They set a “hold” rating and a $2.30 price target for the company. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $2.69.

Lucid Group Stock Performance

The company has a market cap of $6.15 billion, a PE ratio of -1.51 and a beta of 0.97. 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 business has a fifty day moving average of $2.77 and a 200-day moving average of $2.87.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Pine Valley Investments Ltd Liability Co increased its holdings in Lucid Group by 27.8% during the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 17,526 shares of the company’s stock valued at $62,000 after purchasing an additional 3,816 shares during the period. BI Asset Management Fondsmaeglerselskab A S boosted its position in 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 in the last quarter. Sei Investments Co. boosted its position in Lucid Group by 14.0% during the 4th quarter. Sei Investments Co. now owns 36,031 shares of the company’s stock valued at $109,000 after acquiring an additional 4,431 shares in the last quarter. Voya Investment Management LLC boosted its position in Lucid Group by 4.0% during the 4th quarter. Voya Investment Management LLC now owns 120,067 shares of the company’s stock valued at $363,000 after acquiring an additional 4,591 shares in the last quarter. Finally, Alpine Global Management LLC boosted its position in Lucid Group by 7.4% during the 4th quarter. Alpine Global Management LLC now owns 67,153 shares of the company’s stock valued at $203,000 after acquiring an additional 4,653 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.