Lucid Group (NASDAQ:LCID) Stock Price Down 0.2% – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID) shares fell 0.2% during mid-day trading on Wednesday . The company traded as low as $2.41 and last traded at $2.43. 16,931,168 shares traded hands during trading, a decline of 69% from the average session volume of 54,279,757 shares. The stock had previously closed at $2.43.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on LCID shares. Benchmark reaffirmed a “buy” rating and set a $5.00 target price on shares of Lucid Group in a report on Friday, March 7th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a report on Wednesday, February 26th. Stifel Nicolaus cut their price target on shares of Lucid Group from $3.50 to $3.00 and set a “hold” rating for the company in a report on Thursday, February 27th. Cowen started coverage on shares of Lucid Group in a research report on Thursday, March 6th. They set a “hold” rating for the company. Finally, Redburn Atlantic downgraded Lucid Group from a “neutral” rating to a “sell” rating and lowered their price objective for the stock from $3.50 to $1.13 in a research report on Monday, February 24th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $2.69.

Lucid Group Price Performance

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 stock has a market capitalization of $7.20 billion, a PE ratio of -1.77 and a beta of 0.97. The business has a fifty day moving average price of $2.65 and a 200-day moving average price of $2.77.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of LCID. California State Teachers Retirement System grew its holdings in shares of Lucid Group by 0.9% during the 4th quarter. California State Teachers Retirement System now owns 878,916 shares of the company’s stock valued at $2,654,000 after purchasing an additional 8,023 shares during the last quarter. 111 Capital purchased a new position in shares of Lucid Group in the fourth quarter worth about $52,000. Public Employees Retirement System of Ohio lifted its stake in shares of Lucid Group by 5.3% in the 4th quarter. Public Employees Retirement System of Ohio now owns 339,579 shares of the company’s stock valued at $1,026,000 after acquiring an additional 17,230 shares during the last quarter. Alpine Global Management LLC grew 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 worth $203,000 after acquiring an additional 4,653 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Lucid Group by 23.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,612,631 shares of the company’s stock worth $7,890,000 after acquiring an additional 504,171 shares during 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.