Lucid Group (NASDAQ:LCID) Trading Down 1% - Here's Why

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price traded down 1% on Wednesday . The company traded as low as $2.39 and last traded at $2.42. 18,099,655 shares traded hands during trading, a decline of 70% from the average session volume of 60,788,295 shares. The stock had previously closed at $2.44.

Analyst Ratings Changes

LCID has been the subject of several research analyst reports. TD Cowen initiated coverage on Lucid Group in a research report on Friday, March 7th. They issued a "hold" rating and a $2.30 price objective for the company. Needham & Company LLC reaffirmed a "hold" rating on shares of Lucid Group in a research report on Wednesday, February 26th. Benchmark reiterated a "buy" rating and set a $5.00 price target on shares of Lucid Group in a report on Friday, March 7th. Redburn Atlantic downgraded shares of Lucid Group from a "neutral" rating to a "sell" rating and reduced their target price for the company from $3.50 to $1.13 in a research report on Monday, February 24th. Finally, Stifel Nicolaus cut their price target on Lucid Group from $3.50 to $3.00 and set a "hold" rating for the company in a report on Thursday, February 27th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $2.69.

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 firm has a market cap of $7.21 billion, a PE ratio of -1.78 and a beta of 0.88. The business has a 50 day simple moving average of $2.48 and a two-hundred day simple moving average of $2.62.

Institutional Trading of Lucid Group

Institutional investors have recently modified their holdings of the company. Orion Portfolio Solutions LLC purchased a new stake in Lucid Group in the third quarter valued at $84,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of Lucid Group in the third quarter valued at approximately $121,000. B. Riley Wealth Advisors Inc. raised its holdings in shares of Lucid Group by 14.1% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 65,191 shares of the company's stock worth $226,000 after acquiring an additional 8,074 shares during the period. Pine Valley Investments Ltd Liability Co increased its holdings in shares of Lucid Group by 27.8% during the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 17,526 shares of the company's stock worth $62,000 after buying an additional 3,816 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in Lucid Group by 73.7% in the fourth quarter. GAMMA Investing LLC now owns 11,860 shares of the company's stock valued at $36,000 after purchasing an additional 5,031 shares during the period. 75.17% of the stock is currently owned by 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.