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

Lucid Group, Inc. (NASDAQ:LCID) shares fell 0.2% 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.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. TD Cowen began coverage on Lucid Group in a report on Friday, March 7th. They issued a “hold” rating and a $2.30 price objective on the stock. Bank of America lowered shares of Lucid Group from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $3.00 to $1.00 in a research note on Wednesday, February 26th. Morgan Stanley raised shares of Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 price objective for the company in a research note on Tuesday, March 18th. Cantor Fitzgerald reissued a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research report on Friday. Finally, Cowen started coverage on Lucid Group in a report on Thursday, March 6th. They set a “hold” rating on the stock. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, Lucid Group presently has an average rating of “Hold” and a consensus price target of $2.69.

Lucid Group Stock Down 4.1 %

The firm has a 50-day moving average of $2.62 and a two-hundred day moving average of $2.77. The firm has a market cap of $7.03 billion, a price-to-earnings ratio of -1.73 and a beta of 0.97. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Charles Schwab Investment Management Inc. increased its position 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 acquiring an additional 2,335,452 shares during the period. The Manufacturers Life Insurance Company increased its holdings in shares of Lucid Group by 2.5% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 263,401 shares of the company’s stock worth $930,000 after purchasing an additional 6,374 shares during the period. FMR LLC increased its holdings in shares of Lucid Group by 47.5% during the 3rd quarter. FMR LLC now owns 149,987 shares of the company’s stock worth $529,000 after purchasing an additional 48,304 shares during the period. Townsquare Capital LLC acquired a new position in shares of Lucid Group during the third quarter valued at about $75,000. Finally, Rockefeller Capital Management L.P. lifted its stake in shares of Lucid Group by 43.6% in the third quarter. Rockefeller Capital Management L.P. now owns 117,764 shares of the company’s stock valued at $416,000 after buying an additional 35,766 shares during the period. 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.