Lucid Group (NASDAQ:LCID) Trading Down 0.2% – What’s Next?

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

Analysts Set New Price Targets

LCID has been the subject of several analyst reports. Benchmark reissued a “buy” rating and set a $5.00 price target on shares of Lucid Group in a research report on Friday, March 7th. Cantor Fitzgerald reiterated a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a report on Wednesday, February 26th. Cowen began coverage on Lucid Group in a report on Thursday, March 6th. They set a “hold” rating on the stock. Bank of America lowered Lucid Group from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $3.00 to $1.00 in a research report on Wednesday, February 26th. Finally, Stifel Nicolaus cut their price objective on Lucid Group from $3.50 to $3.00 and set a “hold” rating on the stock in a research report on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $2.69.

Lucid Group Stock Performance

The company has a 50 day moving average of $2.65 and a two-hundred day moving average of $2.77. 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 company has a market capitalization of $7.20 billion, a PE ratio of -1.77 and a beta of 0.97.

Institutional Trading of Lucid Group

A number of hedge funds and other institutional investors have recently modified their holdings of LCID. Pine Valley Investments Ltd Liability Co grew its holdings in Lucid Group by 27.8% in the third quarter. Pine Valley Investments Ltd Liability Co now owns 17,526 shares of the company’s stock worth $62,000 after purchasing an additional 3,816 shares during the period. BI Asset Management Fondsmaeglerselskab A S grew its stake in shares of Lucid Group by 43.8% in the fourth quarter. BI Asset Management Fondsmaeglerselskab A S now owns 14,111 shares of the company’s stock worth $43,000 after acquiring an additional 4,296 shares during the last quarter. Sei Investments Co. increased its holdings in shares of Lucid Group by 14.0% during the fourth quarter. Sei Investments Co. now owns 36,031 shares of the company’s stock valued at $109,000 after acquiring an additional 4,431 shares in the last quarter. Voya Investment Management LLC grew its position in Lucid Group by 4.0% during the 4th quarter. Voya Investment Management LLC now owns 120,067 shares of the company’s stock valued at $363,000 after purchasing an additional 4,591 shares during the last quarter. Finally, Alpine Global Management LLC increased its position in shares of Lucid Group by 7.4% during the fourth quarter. Alpine Global Management LLC now owns 67,153 shares of the company’s stock valued at $203,000 after acquiring an additional 4,653 shares in the last quarter. 75.17% of the stock is owned by hedge funds and other institutional investors.

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.