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

Shares of Lucid Group, Inc. (NASDAQ:LCID) gapped down before the market opened on Wednesday . The stock had previously closed at $2.61, but opened at $2.45. Lucid Group shares last traded at $2.39, with a volume of 45,537,618 shares trading hands.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Bank of America cut Lucid Group from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $3.00 to $1.00 in a research note on Wednesday. Royal Bank of Canada dropped their price objective on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a report on Tuesday, November 19th. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a report on Wednesday. Benchmark began coverage on shares of Lucid Group in a research report on Wednesday, February 12th. They issued a “buy” rating and a $5.00 target price for the company. Finally, R. F. Lafferty raised Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price on the stock in a research note on Monday, November 11th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $2.73.

Lucid Group Trading Down 11.7 %

The firm has a market capitalization of $6.94 billion, a P/E ratio of -1.72 and a beta of 0.93. 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 stock’s 50-day simple moving average is $2.99 and its two-hundred day simple moving average is $2.97.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds have recently bought and sold shares of the business. Public Employees Retirement System of Ohio lifted its holdings in shares of Lucid Group by 5.3% in the 4th quarter. Public Employees Retirement System of Ohio now owns 339,579 shares of the company’s stock worth $1,026,000 after acquiring an additional 17,230 shares during the last quarter. Alpine Global Management LLC raised its stake in Lucid Group by 7.4% in the fourth quarter. Alpine Global Management LLC now owns 67,153 shares of the company’s stock valued at $203,000 after buying an additional 4,653 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Lucid Group by 23.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,612,631 shares of the company’s stock worth $7,890,000 after purchasing an additional 504,171 shares during the last quarter. Waverly Advisors LLC acquired a new position in Lucid Group during the fourth quarter valued at $35,000. Finally, Worldquant Millennium Advisors LLC acquired a new position in shares of Lucid Group in the 4th quarter valued at $5,390,000. Hedge funds and other institutional investors own 75.17% of the company’s stock.

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.