Lucid Group (NASDAQ:LCID) Trading Down 1.6% - Here's Why

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price was down 1.6% during trading on Tuesday . The stock traded as low as $2.69 and last traded at $2.73. Approximately 13,972,255 shares were traded during trading, a decline of 82% from the average daily volume of 76,731,984 shares. The stock had previously closed at $2.77.

Analyst Upgrades and Downgrades

LCID has been the topic of several recent research reports. Needham & Company LLC reiterated a "hold" rating on shares of Lucid Group in a research report on Friday, November 8th. Royal Bank of Canada cut their price target 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. Cantor Fitzgerald reiterated a "neutral" rating and set a $3.00 price objective on shares of Lucid Group in a research report on Tuesday, January 7th. Benchmark assumed coverage on Lucid Group in a research report on Wednesday. They issued a "buy" rating and a $5.00 target price on the stock. Finally, R. F. Lafferty upgraded Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 price target for the company in a research report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $3.24.

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Lucid Group Stock Up 1.5 %

The firm's fifty day simple moving average is $2.91 and its 200 day simple moving average is $2.97. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

Hedge Funds Weigh In On Lucid Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Public Investment Fund boosted its position 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 worth $5,348,084,000 after buying an additional 396,188,386 shares during the period. Vanguard Group Inc. lifted its stake in Lucid Group by 31.1% in the 4th quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company's stock worth $333,163,000 after acquiring an additional 26,172,852 shares in the last quarter. Renaissance Technologies LLC boosted its position in Lucid Group by 342.7% during the 4th quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company's stock worth $49,950,000 after acquiring an additional 12,803,987 shares during the period. Geode Capital Management LLC grew its stake in Lucid Group by 31.4% during the 4th quarter. Geode Capital Management LLC now owns 20,263,309 shares of the company's stock valued at $61,214,000 after acquiring an additional 4,844,782 shares in the last quarter. Finally, First Trust Advisors LP increased its holdings in shares of Lucid Group by 51.7% in the 4th quarter. First Trust Advisors LP now owns 10,261,050 shares of the company's stock valued at $30,988,000 after purchasing an additional 3,495,392 shares during the period. 75.17% of the stock is currently owned by hedge funds and other 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.