Lucid Group (NASDAQ:LCID) Shares Down 1% - Here's What Happened

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) dropped 1% on Tuesday . The stock traded as low as $2.42 and last traded at $2.45. Approximately 18,310,957 shares changed hands during trading, a decline of 66% from the average daily volume of 54,634,726 shares. The stock had previously closed at $2.47.

Analysts Set New Price Targets

A number of research analysts recently commented on LCID shares. Needham & Company LLC reiterated a "hold" rating on shares of Lucid Group in a report on Wednesday, February 26th. TD Cowen initiated coverage on Lucid Group in a report on Friday, March 7th. They set a "hold" rating and a $2.30 price target for the company. Bank of America lowered shares of Lucid Group from a "neutral" rating to an "underperform" rating and reduced their price objective for the company from $3.00 to $1.00 in a report on Wednesday, February 26th. Redburn Atlantic lowered shares of Lucid Group from a "neutral" rating to a "sell" rating and lowered their target price for the stock from $3.50 to $1.13 in a research note on Monday, February 24th. Finally, Cowen started coverage on shares of Lucid Group in a research note on Thursday, March 6th. They issued a "hold" rating on the stock. Two 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. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $2.69.

Lucid Group Stock Performance

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 has a market capitalization of $6.96 billion, a price-to-earnings ratio of -1.71 and a beta of 0.97. The firm has a 50 day moving average price of $2.62 and a 200-day moving average price of $2.77.

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Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in LCID. Point72 Italy S.r.l. purchased a new stake in shares of Lucid Group during the 3rd quarter worth $3,209,000. Main Management ETF Advisors LLC purchased a new stake in Lucid Group during the 3rd quarter worth about $863,000. Charles Schwab Investment Management Inc. boosted its position in shares of Lucid Group by 84.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company's stock worth $17,991,000 after acquiring an additional 2,335,452 shares in the last quarter. Nisa Investment Advisors LLC increased its holdings in shares of Lucid Group by 4,301.7% in the 4th quarter. Nisa Investment Advisors LLC now owns 255,300 shares of the company's stock valued at $771,000 after acquiring an additional 249,500 shares during the last quarter. Finally, Empowered Funds LLC acquired a new stake in shares of Lucid Group during the 4th quarter worth about $301,000. Institutional investors and hedge funds 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.