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

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

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Benchmark assumed coverage on Lucid Group in a research note on Wednesday, February 12th. They set a "buy" rating and a $5.00 price target on the stock. R. F. Lafferty upgraded Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 price target on the stock in a research note on Monday, November 11th. Royal Bank of Canada reduced their price objective on Lucid Group from $3.00 to $2.00 and set a "sector perform" rating on the stock in a research note on Tuesday, November 19th. Needham & Company LLC reiterated a "hold" rating on shares of Lucid Group in a research note on Friday, November 8th. Finally, Cantor Fitzgerald reiterated a "neutral" rating and issued a $3.00 price objective on shares of Lucid Group in a research note on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $3.24.

Lucid Group Stock Down 7.6 %

The stock has a market cap of $9.22 billion, a PE ratio of -2.28 and a beta of 0.93. The firm has a fifty day moving average of $2.99 and a 200 day moving average of $2.98. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

Hedge Funds Weigh In On Lucid Group

Several hedge funds have recently made changes to their positions in the company. Pine Valley Investments Ltd Liability Co grew its holdings in shares of Lucid Group by 27.8% during the third quarter. Pine Valley Investments Ltd Liability Co now owns 17,526 shares of the company's stock worth $62,000 after purchasing an additional 3,816 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S grew its holdings in shares of Lucid Group by 43.8% during the fourth quarter. BI Asset Management Fondsmaeglerselskab A S now owns 14,111 shares of the company's stock worth $43,000 after purchasing an additional 4,296 shares during the last quarter. Sei Investments Co. grew its holdings in shares of Lucid Group by 14.0% during the fourth quarter. Sei Investments Co. now owns 36,031 shares of the company's stock worth $109,000 after purchasing an additional 4,431 shares during the last quarter. Voya Investment Management LLC grew its holdings in shares of Lucid Group by 4.0% during the fourth quarter. Voya Investment Management LLC now owns 120,067 shares of the company's stock worth $363,000 after purchasing an additional 4,591 shares during the last quarter. Finally, Greenleaf Trust grew its holdings in shares of Lucid Group by 22.0% during the third quarter. Greenleaf Trust now owns 25,487 shares of the company's stock worth $90,000 after purchasing an additional 4,604 shares during the last quarter. Hedge funds and other institutional investors 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.