Lucid Group (NASDAQ:LCID) Trading Down 3.1% - What's Next?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price was down 3.1% during trading on Tuesday . The company traded as low as $2.03 and last traded at $2.06. Approximately 30,560,287 shares traded hands 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.

Wall Street Analyst Weigh In

A number of research firms have issued reports on LCID. R. F. Lafferty upgraded shares of Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 target price for the company in a research note on Monday, November 11th. Redburn Atlantic lowered shares of Lucid Group from a "neutral" rating to a "sell" rating and reduced their price objective for the company from $3.50 to $1.13 in a research note 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 report on Wednesday, February 26th. TD Cowen began coverage on Lucid Group in a research report on Friday. They issued a "hold" rating and a $2.30 price target for the company. Finally, Cantor Fitzgerald reissued a "neutral" rating and set a $3.00 price objective on shares of Lucid Group in a report on Wednesday, February 26th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $2.69.

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Lucid Group Stock Up 2.9 %

The firm has a 50-day moving average price of $2.85 and a two-hundred day moving average price of $2.91. The company 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 quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Public Investment Fund increased its stake in Lucid Group by 28.8% during 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 acquiring an additional 396,188,386 shares during the period. Vanguard Group Inc. increased its position in shares of Lucid Group by 31.1% during the fourth quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company's stock valued at $333,163,000 after purchasing an additional 26,172,852 shares during the period. Geode Capital Management LLC increased its position in shares of Lucid Group by 31.4% during the fourth quarter. Geode Capital Management LLC now owns 20,263,309 shares of the company's stock valued at $61,214,000 after purchasing an additional 4,844,782 shares during the period. Renaissance Technologies LLC raised its stake in shares of Lucid Group by 342.7% in the fourth quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company's stock valued at $49,950,000 after purchasing an additional 12,803,987 shares in the last quarter. Finally, Two Sigma Investments LP lifted its position in Lucid Group by 4,320.7% in the fourth quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company's stock worth $47,873,000 after purchasing an additional 15,493,320 shares during the period. Institutional investors and hedge funds 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.