Lucid Group (NASDAQ:LCID) Shares Down 0.2% - Here's Why

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) traded down 0.2% during mid-day trading on Wednesday . The stock traded as low as $2.41 and last traded at $2.43. 16,931,168 shares changed hands during mid-day trading, a decline of 69% from the average session volume of 54,279,757 shares. The stock had previously closed at $2.43.

Analyst Ratings Changes

A number of brokerages recently commented on LCID. Redburn Atlantic downgraded Lucid Group from a "neutral" rating to a "sell" rating and lowered their price objective for the stock from $3.50 to $1.13 in a research note on Monday, February 24th. Benchmark restated a "buy" rating and set a $5.00 price target on shares of Lucid Group in a research report on Friday, March 7th. Needham & Company LLC reiterated a "hold" rating on shares of Lucid Group in a research report on Wednesday, February 26th. TD Cowen assumed coverage on shares of Lucid Group in a research note on Friday, March 7th. They set a "hold" rating and a $2.30 target price for the company. Finally, Stifel Nicolaus dropped their price target 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 issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $2.69.

Lucid Group Stock Performance

The company has a fifty day moving average price of $2.59 and a two-hundred day moving average price of $2.73. The firm has a market cap of $7.34 billion, a price-to-earnings ratio of -1.81 and a beta of 0.97. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26.

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Institutional Investors Weigh In On Lucid Group

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Point72 Italy S.r.l. acquired a new position in shares of Lucid Group in the 3rd quarter worth approximately $3,209,000. Main Management ETF Advisors LLC purchased a new stake in shares of Lucid Group during the third quarter valued at $863,000. Charles Schwab Investment Management Inc. boosted its position in shares of Lucid Group by 84.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company's stock valued at $17,991,000 after purchasing an additional 2,335,452 shares during the period. Nisa Investment Advisors LLC boosted its holdings in shares of Lucid Group by 4,301.7% in the fourth quarter. Nisa Investment Advisors LLC now owns 255,300 shares of the company's stock worth $771,000 after buying an additional 249,500 shares during the period. Finally, Empowered Funds LLC acquired a new position in Lucid Group in the 4th quarter valued at approximately $301,000. 75.17% of the stock is owned by institutional investors and hedge funds.

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.