Lucid Group (NASDAQ:LCID) Stock Price Down 1.9% - What's Next?

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) traded down 1.9% on Wednesday . The stock traded as low as $3.39 and last traded at $3.42. 26,450,552 shares traded hands during mid-day trading, a decline of 67% from the average session volume of 79,239,094 shares. The stock had previously closed at $3.48.

Analysts Set New Price Targets

Several research firms have commented on LCID. Needham & Company LLC reissued a "hold" rating on shares of Lucid Group in a report on Friday, November 8th. Cantor Fitzgerald reissued a "neutral" rating and issued a $3.00 target price on shares of Lucid Group in a report on Tuesday, January 7th. Royal Bank of Canada dropped 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. Benchmark began coverage on Lucid Group in a report on Wednesday, February 12th. They issued a "buy" rating and a $5.00 target price on the stock. Finally, R. F. Lafferty raised Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 target price on the stock in a report on Monday, November 11th. One analyst has rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Lucid Group has an average rating of "Hold" and an average target price of $3.24.

Lucid Group Stock Performance

The stock has a market capitalization of $9.22 billion, a P/E ratio of -2.28 and a beta of 0.93. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The business has a fifty day moving average price of $2.99 and a 200-day moving average price of $2.98.

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Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Point72 Italy S.r.l. bought a new position in Lucid Group in the third quarter valued at about $3,209,000. Main Management ETF Advisors LLC bought a new position in Lucid Group in the third quarter valued at about $863,000. Charles Schwab Investment Management Inc. lifted its holdings in Lucid Group by 84.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company's stock valued at $17,991,000 after acquiring an additional 2,335,452 shares during the period. CWM LLC lifted its holdings in Lucid Group by 24.6% in the third quarter. CWM LLC now owns 34,350 shares of the company's stock valued at $121,000 after acquiring an additional 6,771 shares during the period. Finally, Nisa Investment Advisors LLC lifted its holdings in Lucid Group by 4,301.7% in the fourth 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 period. 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.