Lucid Group (NASDAQ:LCID) Trading Down 4.8% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID) shares were down 4.8% on Friday . The company traded as low as $2.29 and last traded at $2.31. Approximately 20,636,628 shares were traded during trading, a decline of 62% from the average daily volume of 54,565,609 shares. The stock had previously closed at $2.42.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Stifel Nicolaus cut their price objective on Lucid Group from $3.50 to $3.00 and set a “hold” rating for the company in a report on Thursday, February 27th. Cowen initiated coverage on shares of Lucid Group in a research report on Thursday, March 6th. They set a “hold” rating for the company. Redburn Atlantic cut shares of Lucid Group from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $3.50 to $1.13 in a research note on Monday, February 24th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a report on Wednesday, February 26th. Finally, Bank of America lowered shares of Lucid Group from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $3.00 to $1.00 in a research report on Wednesday, February 26th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $2.69.

Lucid Group Price Performance

The firm has a 50-day simple moving average of $2.61 and a 200-day simple moving average of $2.75. The firm has a market cap of $7.03 billion, a P/E ratio of -1.73 and a beta of 0.97. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77.

Hedge Funds Weigh In On Lucid Group

A number of large investors have recently added to or reduced their stakes in the company. Pine Valley Investments Ltd Liability Co grew its position in shares of Lucid Group by 27.8% in the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 17,526 shares of the company’s stock worth $62,000 after buying an additional 3,816 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S increased its position 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 in the last quarter. Sei Investments Co. lifted its holdings in shares of Lucid Group by 14.0% during the 4th quarter. Sei Investments Co. now owns 36,031 shares of the company’s stock valued at $109,000 after purchasing an additional 4,431 shares during the last quarter. Voya Investment Management LLC boosted its position in shares of Lucid Group by 4.0% in the 4th 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 in the last quarter. Finally, Alpine Global Management LLC increased its position in Lucid Group by 7.4% during the 4th quarter. Alpine Global Management LLC now owns 67,153 shares of the company’s stock valued at $203,000 after buying an additional 4,653 shares in 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.