Lucid Group (NASDAQ:LCID) Trading Down 0.2% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s stock price dropped 0.2% on Friday . The stock traded as low as $2.49 and last traded at $2.53. Approximately 25,841,447 shares traded hands during mid-day trading, a decline of 59% from the average daily volume of 63,723,081 shares. The stock had previously closed at $2.53.

Analysts Set New Price Targets

LCID has been the topic of a number of research reports. Robert W. Baird boosted their target price on shares of Lucid Group from $2.00 to $3.00 and gave the company a “neutral” rating in a research report on Monday, April 21st. Morgan Stanley upgraded shares of Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 price objective on the stock in a report on Tuesday, March 18th. Benchmark restated a “buy” rating and issued a $5.00 target price on shares of Lucid Group in a research note on Friday, March 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research note on Wednesday, February 26th. Finally, Cantor Fitzgerald reissued a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research note on Thursday, April 3rd. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Lucid Group currently has a consensus rating of “Hold” and a consensus price target of $2.68.

Lucid Group Price Performance

The stock has a fifty day moving average price of $2.35 and a two-hundred day moving average price of $2.56. The company has a market cap of $7.67 billion, a P/E ratio of -1.89 and a beta of 0.88. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26.

Hedge Funds Weigh In On Lucid Group

A number of hedge funds have recently bought and sold shares of LCID. BI Asset Management Fondsmaeglerselskab A S lifted its position in shares of Lucid Group by 43.8% during the fourth quarter. BI Asset Management Fondsmaeglerselskab A S now owns 14,111 shares of the company’s stock valued at $43,000 after purchasing an additional 4,296 shares in the last quarter. Sei Investments Co. lifted its position in shares of Lucid Group by 14.0% during the 4th quarter. Sei Investments Co. now owns 36,031 shares of the company’s stock worth $109,000 after buying an additional 4,431 shares in the last quarter. Voya Investment Management LLC grew its holdings in shares of Lucid Group by 4.0% in the fourth quarter. Voya Investment Management LLC now owns 120,067 shares of the company’s stock valued at $363,000 after acquiring an additional 4,591 shares in the last quarter. 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 during the last quarter. Finally, Arizona State Retirement System lifted its holdings in Lucid Group by 1.9% during the fourth quarter. Arizona State Retirement System now owns 270,753 shares of the company’s stock worth $818,000 after acquiring an additional 5,022 shares during the period. 75.17% of the stock is owned by hedge funds and other institutional investors.

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.