Lucid Group (NASDAQ:LCID) Trading Down 2.1% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID) shares fell 2.1% on Thursday . The company traded as low as $2.22 and last traded at $2.35. 95,048,796 shares were traded during mid-day trading, an increase of 67% from the average session volume of 56,778,421 shares. The stock had previously closed at $2.40.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on LCID shares. Bank of America cut Lucid Group from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $3.00 to $1.00 in a report on Wednesday, February 26th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a research note on Thursday. Redburn Atlantic cut shares of Lucid Group from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $3.50 to $1.13 in a research note on Monday, February 24th. Stifel Nicolaus cut their target price on shares of Lucid Group from $3.50 to $3.00 and set a “hold” rating for the company in a research report on Thursday, February 27th. Finally, Morgan Stanley raised shares of Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 price target on the stock in a report on Tuesday, March 18th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $2.69.

Lucid Group Trading Down 1.7 %

The business has a 50 day simple moving average of $2.56 and a two-hundred day simple moving average of $2.71. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. The company has a market cap of $6.91 billion, a PE ratio of -1.70 and a beta of 0.97.

Institutional Trading of Lucid Group

A number of hedge funds have recently added to or reduced their stakes in LCID. Newbridge Financial Services Group Inc. purchased a new position in shares of Lucid Group during the 4th quarter worth about $28,000. Accredited Investors Inc. purchased a new stake in Lucid Group in the fourth quarter valued at approximately $30,000. Proficio Capital Partners LLC acquired a new position in Lucid Group during the fourth quarter worth approximately $31,000. DRW Securities LLC purchased a new stake in shares of Lucid Group during the 4th quarter valued at $31,000. Finally, First National Corp MA ADV acquired a new stake in shares of Lucid Group during the 4th quarter worth $32,000. 75.17% of the stock is 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.