Lucid Group (NASDAQ:LCID) Stock Price Down 4.9% - Here's Why

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price fell 4.9% during trading on Wednesday . The company traded as low as $2.39 and last traded at $2.41. 30,374,283 shares traded hands during trading, a decline of 46% from the average session volume of 56,079,390 shares. The stock had previously closed at $2.53.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on LCID shares. Redburn Atlantic downgraded Lucid Group from a "neutral" rating to a "sell" rating and dropped their price objective for the company from $3.50 to $1.13 in a report on Monday, February 24th. Cantor Fitzgerald reiterated a "neutral" rating and issued a $3.00 price target on shares of Lucid Group in a research report on Thursday. Stifel Nicolaus decreased their price objective on shares of Lucid Group from $3.50 to $3.00 and set a "hold" rating for the company in a report on Thursday, February 27th. Benchmark reiterated a "buy" rating and issued a $5.00 target price on shares of Lucid Group in a report on Friday, March 7th. Finally, Morgan Stanley raised shares of Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 price target for the company in a report on Tuesday, March 18th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Lucid Group has an average rating of "Hold" and an average price target of $2.69.

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Lucid Group Stock Down 1.7 %

The firm has a market capitalization of $6.91 billion, a P/E ratio of -1.70 and a beta of 0.97. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The firm's 50-day moving average is $2.57 and its 200 day moving average is $2.72.

Institutional Trading of Lucid Group

Institutional investors have recently modified their holdings of the company. California State Teachers Retirement System raised its position in Lucid Group by 0.9% in the 4th quarter. California State Teachers Retirement System now owns 878,916 shares of the company's stock valued at $2,654,000 after buying an additional 8,023 shares during the last quarter. 111 Capital bought a new position in shares of Lucid Group during the 4th quarter worth approximately $52,000. Public Employees Retirement System of Ohio raised its holdings in shares of 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 valued at $1,026,000 after purchasing an additional 17,230 shares during the last quarter. Alpine Global Management LLC lifted its position in shares of Lucid Group by 7.4% in 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 boosted its holdings in Lucid Group by 23.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,612,631 shares of the company's stock worth $7,890,000 after purchasing an additional 504,171 shares during the last quarter. 75.17% of the stock is currently owned by institutional investors.

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.