Lucid Group (NASDAQ:LCID) Stock Price Down 5.2% - What's Next?

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) dropped 5.2% during trading on Tuesday . The stock traded as low as $2.67 and last traded at $2.64. Approximately 33,075,493 shares were traded during mid-day trading, a decline of 59% from the average daily volume of 80,463,875 shares. The stock had previously closed at $2.78.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on LCID shares. Redburn Atlantic lowered shares of Lucid Group from a "neutral" rating to a "sell" rating and lowered their price target for the stock from $3.50 to $1.13 in a report on Monday. Benchmark started coverage on shares of Lucid Group in a report on Wednesday, February 12th. They issued a "buy" rating and a $5.00 target price on the stock. Royal Bank of Canada cut their price target on shares of Lucid Group from $3.00 to $2.00 and set a "sector perform" rating on the stock in a research report on Tuesday, November 19th. Bank of America lowered Lucid Group from a "neutral" rating to an "underperform" rating and lowered their price objective for the stock from $3.00 to $1.00 in a research report on Wednesday. Finally, R. F. Lafferty upgraded Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 target price on the stock in a research report on Monday, November 11th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $2.73.

Lucid Group Stock Performance

The company's 50 day simple moving average is $2.96 and its 200 day simple moving average is $2.96. The stock has a market cap of $6.69 billion, a PE ratio of -1.66 and a beta of 0.93. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71.

Institutional Trading of Lucid Group

A number of hedge funds have recently bought and sold shares of LCID. Public Employees Retirement System of Ohio boosted its holdings in shares of Lucid Group by 5.3% in the 4th quarter. Public Employees Retirement System of Ohio now owns 339,579 shares of the company's stock worth $1,026,000 after buying an additional 17,230 shares during the last quarter. Alpine Global Management LLC raised its position in 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 acquiring an additional 4,653 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Lucid Group by 23.9% in 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 valued at $7,890,000 after acquiring an additional 504,171 shares during the last quarter. Waverly Advisors LLC bought a new position in shares of Lucid Group during the 4th quarter valued at approximately $35,000. Finally, Worldquant Millennium Advisors LLC purchased a new stake in shares of Lucid Group during the 4th quarter worth approximately $5,390,000. 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.