Lucid Group (NASDAQ:LCID) Trading Down 3.1% - Here's What Happened

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price dropped 3.1% on Tuesday . The company traded as low as $2.03 and last traded at $2.06. Approximately 30,560,287 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 85,873,141 shares. The stock had previously closed at $2.12.

Analyst Upgrades and Downgrades

LCID has been the subject of a number of recent analyst reports. Benchmark reissued a "buy" rating and issued a $5.00 target price on shares of Lucid Group in a research report on Friday. Redburn Atlantic lowered Lucid Group from a "neutral" rating to a "sell" rating and decreased their target price for the stock from $3.50 to $1.13 in a research report on Monday, February 24th. R. F. Lafferty raised Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 target price for the company in a research report on Monday, November 11th. TD Cowen assumed coverage on shares of Lucid Group in a research report on Friday. They set a "hold" rating and a $2.30 price target for the company. Finally, Stifel Nicolaus reduced their price target on shares of Lucid Group from $3.50 to $3.00 and set a "hold" rating for the company in a research report on Thursday, February 27th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $2.69.

Lucid Group Stock Up 2.9 %

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 firm has a market capitalization of $6.48 billion, a P/E ratio of -1.60 and a beta of 0.97. The company has a 50 day simple moving average of $2.87 and a two-hundred day simple moving average of $2.93.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio boosted its stake in Lucid Group by 5.3% in the 4th quarter. Public Employees Retirement System of Ohio now owns 339,579 shares of the company's stock worth $1,026,000 after purchasing an additional 17,230 shares during the period. Alpine Global Management LLC boosted its position in shares of 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 during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Lucid Group by 23.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,612,631 shares of the company's stock valued at $7,890,000 after acquiring an additional 504,171 shares during the last quarter. Waverly Advisors LLC bought a new position in shares of Lucid Group during the 4th quarter valued at approximately $35,000. Finally, Worldquant Millennium Advisors LLC bought a new position in shares of Lucid Group during the 4th quarter valued at approximately $5,390,000. 75.17% of the stock is currently owned by institutional investors.

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.