Lucid Group (NASDAQ:LCID) Trading Down 2.1% - Here's Why

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) were down 2.1% during mid-day trading on Thursday . The company 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 Analyst Weigh In

A number of brokerages have recently commented on LCID. Cantor Fitzgerald reissued a "neutral" rating and set a $3.00 price objective on shares of Lucid Group in a research report on Thursday. Redburn Atlantic cut shares of Lucid Group from a "neutral" rating to a "sell" rating and lowered their price target for the stock from $3.50 to $1.13 in a report on Monday, February 24th. Bank of America downgraded shares of Lucid Group from a "neutral" rating to an "underperform" rating and lowered their target price for the stock from $3.00 to $1.00 in a research note on Wednesday, February 26th. Stifel Nicolaus cut their target price on Lucid Group from $3.50 to $3.00 and set a "hold" rating on the stock in a research report on Thursday, February 27th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Lucid Group in a report on Wednesday, February 26th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $2.69.

Lucid Group Stock Up 7.5 %

The business's fifty day moving average price is $2.56 and its 200 day moving average price is $2.69. The firm has a market capitalization of $7.43 billion, a price-to-earnings ratio of -1.83 and a beta of 0.88. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77.

Remove Ads

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of LCID. Raymond James Financial Inc. purchased a new position in shares of Lucid Group during the fourth quarter worth about $780,000. Nisa Investment Advisors LLC grew its stake 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 purchasing an additional 249,500 shares during the last quarter. Empowered Funds LLC acquired a new position in shares of Lucid Group in the fourth quarter valued at approximately $301,000. New York State Common Retirement Fund raised its stake in shares of Lucid Group by 5.7% during the fourth quarter. New York State Common Retirement Fund now owns 517,238 shares of the company's stock worth $1,562,000 after purchasing an additional 28,000 shares during the last quarter. Finally, Lecap Asset Management Ltd. acquired a new stake in shares of Lucid Group during the fourth quarter worth $861,000. 75.17% of the stock is currently owned by institutional investors and hedge funds.

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.