💹 Lucid Group Stock Gains Despite Volume Decline
Shares of Lucid Group Inc. (NASDAQ: LCID) climbed 1.2% during mid-day trading on Monday, reaching an intraday high of $2.18 before closing at $2.12. The stock saw a trading volume of approximately 24.7 million shares, marking a 72% decline from its average daily volume of 89.3 million shares. Despite the lower-than-usual volume, LCID shares managed to recover slightly from the previous close of $2.09.
📉 Mixed Analyst Ratings and Price Target Adjustments
Lucid Group has been the subject of divergent analyst ratings in recent weeks:
- Benchmark reiterated its “buy” rating with a $5.00 target price in a report issued on March 7th.
- Stifel Nicolaus lowered its target price from $3.50 to $3.00 and maintained a “hold” rating on February 27th.
- Redburn Atlantic downgraded the stock from “neutral” to “sell”, slashing its price target from $3.50 to just $1.13 on February 24th.
- TD Cowen initiated coverage with a “hold” rating and a $2.30 price target on March 7th.
- Cantor Fitzgerald reaffirmed a “neutral” rating with a $3.00 price target on February 26th.
According to MarketBeat.com, Lucid Group currently holds a “Hold” consensus rating with an average price target of $2.69.
💰 Institutional Investors Adjust Holdings
Lucid Group witnessed significant institutional activity during the fourth quarter of 2024:
- Public Investment Fund (PIF), a major stakeholder, increased its position by 28.8%, acquiring 396.2 million shares. The fund now owns 1.77 billion shares, valued at approximately $5.35 billion.
- Vanguard Group Inc. boosted its holdings by 31.1%, purchasing an additional 26.2 million shares, bringing its total stake to 110.3 million shares worth $333.2 million.
- Two Sigma Investments LP increased its position by a staggering 4,320.7%, adding 15.5 million shares, raising its holdings to 15.85 million shares valued at $47.9 million.
- Renaissance Technologies LLC grew its stake by 342.7%, acquiring 12.8 million new shares, bringing its total to 16.5 million shares worth $50 million.
- Two Sigma Advisers LP established a new position in Lucid Group, worth $34.1 million.
In total, 75.17% of Lucid Group’s stock is now owned by hedge funds and institutional investors.
📊 Lucid Group’s Financial and Stock Performance
The EV manufacturer holds a debt-to-equity ratio of 0.77, with a quick ratio of 3.26 and a current ratio of 3.71, indicating a relatively strong liquidity position.
- The stock’s 50-day moving average is $2.71, while its 200-day moving average stands at $2.82.
- Lucid Group has a market capitalization of $7.12 billion, a price-to-earnings (PE) ratio of -1.75, and a beta of 0.97, signaling moderate volatility compared to the broader market.