Lucid Group (NASDAQ:LCID) Trading Down 5.2% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) dropped 5.2% during mid-day trading on Tuesday . The company traded as low as $2.67 and last traded at $2.64. Approximately 33,075,493 shares changed hands during trading, a decline of 59% from the average daily volume of 80,463,875 shares. The stock had previously closed at $2.78.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on LCID. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. 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 research report on Monday, November 11th. Redburn Atlantic lowered shares of Lucid Group from a “neutral” rating to a “sell” rating and reduced their price objective for the company from $3.50 to $1.13 in a research report on Monday. Royal Bank of Canada lowered 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. Finally, Cantor Fitzgerald reissued a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research note on Tuesday, January 7th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $2.90.

Lucid Group Price Performance

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 firm has a market cap of $7.97 billion, a price-to-earnings ratio of -1.97 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 $2.97.

Institutional Trading of Lucid Group

Several large investors have recently added to or reduced their stakes in the company. Public Investment Fund grew its holdings in shares of Lucid Group by 28.8% during 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 buying an additional 396,188,386 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Lucid Group by 31.1% in the 4th quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company’s stock valued at $333,163,000 after purchasing an additional 26,172,852 shares during the period. Two Sigma Investments LP lifted its position 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 purchasing an additional 15,493,320 shares in the last quarter. Renaissance Technologies LLC grew its position in Lucid Group by 342.7% during the fourth quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company’s stock valued at $49,950,000 after purchasing an additional 12,803,987 shares in the last quarter. Finally, Two Sigma Advisers LP purchased a new stake in Lucid Group in the 4th quarter worth approximately $34,123,000. 75.17% of the stock is owned by institutional investors and hedge funds.

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.