Lucid Group (NASDAQ:LCID) Stock Price Down 4.9% - What's Next?

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) were down 4.9% during trading on Thursday . The stock traded as low as $3.11 and last traded at $3.21. Approximately 49,221,752 shares traded hands during mid-day trading, a decline of 38% from the average daily volume of 79,467,477 shares. The stock had previously closed at $3.37.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Needham & Company LLC reiterated a "hold" rating on shares of Lucid Group in a research note on Friday, November 8th. Benchmark assumed coverage on Lucid Group in a research report on Wednesday, February 12th. They set a "buy" rating and a $5.00 price target on the stock. Redburn Atlantic cut Lucid Group from a "neutral" rating to a "sell" rating and decreased their price objective for the company from $3.50 to $1.13 in a report on Monday. Cantor Fitzgerald restated a "neutral" rating and issued a $3.00 target price on shares of Lucid Group in a research note on Tuesday, January 7th. Finally, Royal Bank of Canada reduced their price target on Lucid Group from $3.00 to $2.00 and set a "sector perform" rating for the company in a research report on Tuesday, November 19th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, Lucid Group currently has an average rating of "Hold" and a consensus target price of $2.90.

Lucid Group Stock Down 6.1 %

The company has a market cap of $7.86 billion, a price-to-earnings ratio of -1.95 and a beta of 0.93. The business has a fifty day moving average of $2.99 and a two-hundred day moving average of $2.97. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77.

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Lucid Group (NASDAQ:LCID - Get Free Report) last announced its earnings results on Tuesday, February 25th. The company reported ($0.22) earnings per share for the quarter, topping the consensus estimate of ($0.26) by $0.04. Lucid Group had a negative return on equity of 74.67% and a negative net margin of 406.63%. As a group, equities analysts anticipate that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

Large investors have recently added to or reduced their stakes in the stock. Public Investment Fund increased its stake in shares of Lucid Group by 28.8% during the fourth quarter. Public Investment Fund now owns 1,770,888,684 shares of the company's stock worth $5,348,084,000 after purchasing an additional 396,188,386 shares in the last quarter. Vanguard Group Inc. increased its stake in Lucid Group by 31.1% during the 4th quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company's stock worth $333,163,000 after buying an additional 26,172,852 shares in the last quarter. Two Sigma Investments LP increased its stake in Lucid Group by 4,320.7% during the 4th quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company's stock worth $47,873,000 after buying an additional 15,493,320 shares in the last quarter. Renaissance Technologies LLC raised its holdings in shares of Lucid Group by 342.7% during the fourth quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company's stock valued at $49,950,000 after acquiring an additional 12,803,987 shares during the last quarter. Finally, Two Sigma Advisers LP purchased a new position in shares of Lucid Group in the fourth quarter valued at approximately $34,123,000. 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.