Lucid Group (NASDAQ:LCID) Trading Down 1% - Here's Why

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

Wall Street Analysts Forecast Growth

LCID has been the subject of a number of research reports. Stifel Nicolaus decreased their price objective on Lucid Group from $3.50 to $3.00 and set a "hold" rating for the company in a report on Thursday, February 27th. Morgan Stanley upgraded shares of Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 price objective on the stock in a report on Tuesday, March 18th. Redburn Atlantic cut shares of Lucid Group from a "neutral" rating to a "sell" rating and reduced their target price for the stock from $3.50 to $1.13 in a report on Monday, February 24th. TD Cowen started coverage on shares of Lucid Group in a research note on Friday, March 7th. They issued a "hold" rating and a $2.30 price target on the stock. Finally, Cantor Fitzgerald reissued a "neutral" rating and set a $3.00 price target on shares of Lucid Group in a research report on Friday. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $2.69.

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Lucid Group Stock Down 4.1 %

The stock has a market cap of $7.03 billion, a P/E ratio of -1.73 and a beta of 0.97. The firm has a 50 day simple moving average of $2.61 and a 200-day simple moving average of $2.75. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

Institutional Investors Weigh In On Lucid Group

Large investors have recently added to or reduced their stakes in the business. Public Investment Fund increased its holdings in shares of 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 last quarter. Vanguard Group Inc. boosted 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 worth $333,163,000 after buying an additional 26,172,852 shares during the period. Two Sigma Investments LP grew its stake in Lucid Group by 4,320.7% in the 4th quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company's stock valued at $47,873,000 after buying an additional 15,493,320 shares during the last quarter. Renaissance Technologies LLC raised 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 valued at $49,950,000 after acquiring an additional 12,803,987 shares during the period. Finally, Two Sigma Advisers LP acquired a new stake in Lucid Group during the fourth quarter worth approximately $34,123,000. 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.