Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) dropped 3.1% during trading on Thursday . The company traded as low as $2.34 and last traded at $2.37. Approximately 24,885,134 shares changed hands during mid-day trading, a decline of 54% from the average daily volume of 53,800,824 shares. The stock had previously closed at $2.44.
Analyst Ratings Changes
A number of analysts recently weighed in on the stock. Benchmark reaffirmed a "buy" rating and set a $5.00 target price on shares of Lucid Group in a report on Friday, March 7th. Cantor Fitzgerald restated a "neutral" rating and set a $3.00 price target on shares of Lucid Group in a research report on Wednesday, February 26th. Redburn Atlantic cut shares of Lucid Group from a "neutral" rating to a "sell" rating and cut their target price for the stock from $3.50 to $1.13 in a report on Monday, February 24th. Needham & Company LLC reiterated a "hold" rating on shares of Lucid Group in a research report on Wednesday, February 26th. Finally, Stifel Nicolaus cut their target price on shares of Lucid Group from $3.50 to $3.00 and set a "hold" rating on the stock in a research note on Thursday, February 27th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $2.69.
Get Our Latest Report on LCID
Lucid Group Stock Performance
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's fifty day moving average is $2.67 and its two-hundred day moving average is $2.79. The stock has a market capitalization of $7.34 billion, a PE ratio of -1.81 and a beta of 0.97.
Institutional Investors Weigh In On Lucid Group
A number of institutional investors and hedge funds have recently modified their holdings of the business. California State Teachers Retirement System grew its holdings in Lucid Group by 0.9% during the 4th quarter. California State Teachers Retirement System now owns 878,916 shares of the company's stock worth $2,654,000 after acquiring an additional 8,023 shares in the last quarter. 111 Capital purchased a new stake in Lucid Group during the fourth quarter valued at approximately $52,000. Public Employees Retirement System of Ohio grew its holdings in Lucid Group by 5.3% in the fourth 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 last quarter. Alpine Global Management LLC increased its position in shares of Lucid Group by 7.4% during the fourth quarter. Alpine Global Management LLC now owns 67,153 shares of the company's stock worth $203,000 after purchasing an additional 4,653 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings 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 purchasing an additional 504,171 shares during the last quarter. 75.17% of the stock is owned by institutional investors.
About Lucid Group
(
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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.
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