Lucid Group (NASDAQ:LCID) Trading Down 1.2% – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID) fell 1.2% on Thursday . The stock traded as low as $2.07 and last traded at $2.15. 33,710,996 shares were traded during trading, a decline of 61% from the average session volume of 86,995,969 shares. The stock had previously closed at $2.17.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research note on Wednesday, February 26th. Redburn Atlantic cut shares of Lucid Group from a “neutral” rating to a “sell” rating and reduced their price target for the stock from $3.50 to $1.13 in a research report on Monday, February 24th. 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 for the company in a research report on Tuesday, November 19th. Bank of America downgraded shares of Lucid Group from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $3.00 to $1.00 in a report on Wednesday, February 26th. Finally, Stifel Nicolaus lowered their price target on shares of Lucid Group from $3.50 to $3.00 and set a “hold” rating for the company in a report on Thursday, February 27th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $2.73.

Lucid Group Stock 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 stock has a market capitalization of $6.28 billion, a PE ratio of -1.56 and a beta of 0.93. The firm has a fifty day moving average price of $2.89 and a two-hundred day moving average price of $2.93.

Institutional Trading of Lucid Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Newbridge Financial Services Group Inc. bought a new position in shares of Lucid Group in the fourth quarter worth about $28,000. Accredited Investors Inc. purchased a new stake in Lucid Group in the 4th quarter valued at about $30,000. Proficio Capital Partners LLC bought a new position in Lucid Group in the 4th quarter worth about $31,000. DRW Securities LLC purchased a new position in shares of Lucid Group during the fourth quarter worth approximately $31,000. Finally, First National Corp MA ADV bought a new stake in shares of Lucid Group during the fourth quarter valued at approximately $32,000. Hedge funds and other institutional investors own 75.17% of the company’s stock.

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.