Lucid Group (NASDAQ:LCID) Stock Price Down 4.9% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s share price traded down 4.9% on Thursday . The stock traded as low as $3.11 and last traded at $3.21. 49,221,752 shares changed hands during trading, a decline of 38% from the average session volume of 79,467,477 shares. The stock had previously closed at $3.37.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Cantor Fitzgerald reissued a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research note on Tuesday, January 7th. Royal Bank of Canada reduced their price objective on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research note on Tuesday, November 19th. Benchmark started coverage on shares of Lucid Group in a report on Wednesday, February 12th. They set a “buy” rating and a $5.00 target price on the stock. R. F. Lafferty upgraded shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price on the stock in a report on Monday, November 11th. Finally, Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Lucid Group currently has a consensus rating of “Hold” and a consensus price target of $3.24.

Lucid Group Stock Down 7.6 %

The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $9.22 billion, a price-to-earnings ratio of -2.28 and a beta of 0.93. The stock’s fifty day moving average price is $2.99 and its 200-day moving average price is $2.98.

Institutional Trading of Lucid Group

Hedge funds and other institutional investors have recently made changes to their positions in the business. Point72 Italy S.r.l. acquired a new stake in shares of Lucid Group in the third quarter valued at approximately $3,209,000. Main Management ETF Advisors LLC acquired a new stake in shares of Lucid Group in the third quarter valued at approximately $863,000. Charles Schwab Investment Management Inc. increased its holdings in Lucid Group by 84.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock worth $17,991,000 after buying an additional 2,335,452 shares during the last quarter. CWM LLC increased its holdings in Lucid Group by 24.6% during the third quarter. CWM LLC now owns 34,350 shares of the company’s stock worth $121,000 after buying an additional 6,771 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its holdings in Lucid Group by 4,301.7% during the fourth quarter. Nisa Investment Advisors LLC now owns 255,300 shares of the company’s stock worth $771,000 after buying an additional 249,500 shares during the last quarter. 75.17% of the stock is currently owned by institutional investors and hedge funds.

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.