Lucid Group (NASDAQ:LCID) Trading Down 0.6% – Here’s Why

Shares of Lucid Group, Inc. (NASDAQ:LCID) were down 0.6% during trading on Monday . The company traded as low as $2.21 and last traded at $2.31. Approximately 19,347,016 shares traded hands during trading, a decline of 65% from the average daily volume of 55,530,742 shares. The stock had previously closed at $2.32.

Analyst Ratings Changes

Several research firms have recently commented on LCID. Stifel Nicolaus decreased their target price on shares of Lucid Group from $3.50 to $3.00 and set a “hold” rating for the company in a research report on Thursday, February 27th. TD Cowen initiated coverage on shares of Lucid Group in a research note on Friday, March 7th. They issued a “hold” rating and a $2.30 price objective for the company. Redburn Atlantic downgraded 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, February 24th. Morgan Stanley raised shares of Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 price objective for the company in a report on Tuesday, March 18th. Finally, Cowen started coverage on Lucid Group in a research note on Thursday, March 6th. They set a “hold” rating on the stock. 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. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $2.69.

Lucid Group Trading Up 3.7 %

The stock’s 50-day moving average price is $2.61 and its 200 day moving average price is $2.74. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The firm has a market capitalization of $7.29 billion, a PE ratio of -1.79 and a beta of 0.97.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in LCID. Public Investment Fund boosted its holdings in shares of Lucid Group by 28.8% in the 4th quarter. Public Investment Fund now owns 1,770,888,684 shares of the company’s stock valued at $5,348,084,000 after buying an additional 396,188,386 shares in the last quarter. Vanguard Group Inc. increased 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 valued at $333,163,000 after purchasing an additional 26,172,852 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Lucid Group by 31.4% in the fourth quarter. Geode Capital Management LLC now owns 20,263,309 shares of the company’s stock worth $61,214,000 after acquiring an additional 4,844,782 shares during the period. Renaissance Technologies LLC grew its stake in Lucid Group by 342.7% in the 4th quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company’s stock valued at $49,950,000 after acquiring an additional 12,803,987 shares during the period. Finally, Two Sigma Investments LP increased its holdings in Lucid Group by 4,320.7% in the 4th quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company’s stock worth $47,873,000 after acquiring an additional 15,493,320 shares in the last quarter. Hedge funds and other institutional investors own 75.17% of the company’s stock.

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.