Lucid Group (NASDAQ:LCID) Trading Down 8.3% - Here's What Happened

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) fell 8.3% on Monday . The stock traded as low as $2.71 and last traded at $2.81. 61,316,303 shares were traded during trading, a decline of 24% from the average session volume of 80,219,023 shares. The stock had previously closed at $3.06.

Analyst Upgrades and Downgrades

Several research firms have weighed in on LCID. Stifel Nicolaus cut their target price on Lucid Group from $3.50 to $3.00 and set a "hold" rating on the stock in a report on Thursday. Royal Bank of Canada cut their target price on Lucid Group from $3.00 to $2.00 and set a "sector perform" rating on the stock in a report on Tuesday, November 19th. R. F. Lafferty raised Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 price target on the stock in a research report on Monday, November 11th. Needham & Company LLC reaffirmed a "hold" rating on shares of Lucid Group in a research report on Wednesday. Finally, Bank of America downgraded Lucid Group from a "neutral" rating to an "underperform" rating and lowered their price target for the company from $3.00 to $1.00 in a research report on Wednesday. Three analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $2.73.

Lucid Group Trading Down 0.4 %

The firm has a market capitalization of $6.69 billion, a price-to-earnings ratio of -1.66 and a beta of 0.93. The business has a 50-day moving average of $2.96 and a two-hundred day moving average of $2.96. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

Institutional Investors Weigh In On Lucid Group

A number of institutional investors have recently added to or reduced their stakes in LCID. Public Investment Fund grew its position in Lucid Group by 28.8% during the fourth quarter. Public Investment Fund now owns 1,770,888,684 shares of the company's stock worth $5,348,084,000 after buying an additional 396,188,386 shares in the last quarter. Vanguard Group Inc. grew its position in Lucid Group by 31.1% during the fourth quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company's stock worth $333,163,000 after buying an additional 26,172,852 shares in the last quarter. Two Sigma Investments LP grew its position in Lucid Group by 4,320.7% during the fourth quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company's stock worth $47,873,000 after buying an additional 15,493,320 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in Lucid Group by 342.7% during the fourth quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company's stock valued at $49,950,000 after purchasing an additional 12,803,987 shares in the last quarter. Finally, Two Sigma Advisers LP acquired a new stake in Lucid Group during the fourth quarter valued at approximately $34,123,000. 75.17% of the stock is owned by institutional investors and hedge funds.

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.