Lucid Group (NASDAQ:LCID) Shares Down 1.9% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s share price dropped 1.9% on Wednesday . The stock traded as low as $3.39 and last traded at $3.42. Approximately 26,450,552 shares were traded during trading, a decline of 67% from the average daily volume of 79,239,094 shares. The stock had previously closed at $3.48.

Wall Street Analysts Forecast Growth

LCID has been the topic of several analyst reports. Royal Bank of Canada cut their price target on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a report on Tuesday, November 19th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. Benchmark initiated coverage on shares of Lucid Group in a report on Wednesday, February 12th. They set a “buy” rating and a $5.00 price target on the stock. R. F. Lafferty upgraded shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target on the stock in a report on Monday, November 11th. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Lucid Group currently has a consensus rating of “Hold” and an average price target of $3.24.

Lucid Group Price Performance

The firm has a 50 day moving average price of $2.94 and a two-hundred day moving average price of $2.97. The company has a market cap of $10.25 billion, a P/E ratio of -2.54 and a beta of 0.93. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71.

Hedge Funds Weigh In On Lucid Group

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