Lucid Group (NASDAQ:LCID) Stock Price Down 5.8% – What’s Next?

Shares of Lucid Group, Inc. (NASDAQ:LCID) fell 5.8% on Friday . The company traded as low as $2.06 and last traded at $2.19. 44,111,098 shares changed hands during trading, a decline of 23% from the average session volume of 57,358,748 shares. The stock had previously closed at $2.32.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on LCID shares. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research note on Wednesday, February 26th. TD Cowen began coverage on shares of Lucid Group in a research report on Friday, March 7th. They set a “hold” rating and a $2.30 price target on the stock. Benchmark restated a “buy” rating and issued a $5.00 price objective on shares of Lucid Group in a research report on Friday, March 7th. Redburn Atlantic lowered shares of Lucid Group from a “neutral” rating to a “sell” rating and reduced their target price for the stock from $3.50 to $1.13 in a research report on Monday, February 24th. Finally, Cantor Fitzgerald reissued a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a research note on Thursday. Two analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Lucid Group has a consensus rating of “Hold” and a consensus target price of $2.69.

Lucid Group Stock Down 1.7 %

The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The firm’s 50-day simple moving average is $2.56 and its 200 day simple moving average is $2.70. The company has a market cap of $6.91 billion, a P/E ratio of -1.70 and a beta of 0.88.

Hedge Funds Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Public Investment Fund increased its position 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. boosted its stake 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 last quarter. Two Sigma Investments LP grew its stake in 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 in the last quarter. Renaissance Technologies LLC increased 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 worth $49,950,000 after buying an additional 12,803,987 shares during the last quarter. Finally, Two Sigma Advisers LP bought a new stake in Lucid Group during the fourth quarter worth $34,123,000. Institutional investors 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.