Lucid Group (NASDAQ:LCID) Shares Down 1% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s stock price was down 1% on Tuesday . The company traded as low as $2.42 and last traded at $2.45. Approximately 18,310,957 shares were traded during trading, a decline of 66% from the average daily volume of 54,634,726 shares. The stock had previously closed at $2.47.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on LCID. Morgan Stanley raised Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 price objective on the stock in a research note on Tuesday, March 18th. TD Cowen assumed coverage on shares of Lucid Group in a report on Friday, March 7th. They issued a “hold” rating and a $2.30 price target on the stock. Cantor Fitzgerald restated a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a research note on Wednesday, February 26th. Redburn Atlantic downgraded Lucid Group from a “neutral” rating to a “sell” rating and cut their target price for the company from $3.50 to $1.13 in a research note on Monday, February 24th. Finally, Benchmark reissued a “buy” rating and issued a $5.00 price target on shares of Lucid Group in a research note on Friday, March 7th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $2.69.

Lucid Group Stock Performance

The firm has a 50-day simple moving average of $2.66 and a two-hundred day simple moving average of $2.78. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $7.31 billion, a price-to-earnings ratio of -1.80 and a beta of 0.97.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of LCID. Public Investment Fund lifted its holdings in Lucid Group by 28.8% in the 4th quarter. Public Investment Fund now owns 1,770,888,684 shares of the company’s stock worth $5,348,084,000 after purchasing an additional 396,188,386 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Lucid Group by 31.1% during the 4th 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 during the period. Geode Capital Management LLC grew its stake in Lucid Group by 31.4% in the 4th quarter. Geode Capital Management LLC now owns 20,263,309 shares of the company’s stock valued at $61,214,000 after buying an additional 4,844,782 shares during the last quarter. Renaissance Technologies LLC raised its holdings in Lucid Group by 342.7% in the 4th quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company’s stock worth $49,950,000 after acquiring an additional 12,803,987 shares during the period. Finally, Two Sigma Investments LP grew its position in shares of Lucid Group by 4,320.7% in the fourth quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company’s stock valued at $47,873,000 after purchasing an additional 15,493,320 shares during the last quarter. Institutional investors and hedge funds 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.