Lucid Group (NASDAQ:LCID) Trading Down 4.8% – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID)’s stock price dropped 4.8% during trading on Friday . The company traded as low as $2.29 and last traded at $2.31. Approximately 20,636,628 shares changed hands during trading, a decline of 62% from the average daily volume of 54,565,609 shares. The stock had previously closed at $2.42.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Bank of America lowered Lucid Group from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $3.00 to $1.00 in a research note on Wednesday, February 26th. Stifel Nicolaus dropped their price target on Lucid Group from $3.50 to $3.00 and set a “hold” rating for the company in a research note on Thursday, February 27th. Redburn Atlantic cut shares of Lucid Group from a “neutral” rating to a “sell” rating and reduced their price objective for the company from $3.50 to $1.13 in a research report on Monday, February 24th. Cowen assumed coverage on shares of Lucid Group in a report on Thursday, March 6th. They issued a “hold” rating on the stock. Finally, Morgan Stanley raised shares of Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 target price for the company in a research note on Tuesday, March 18th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $2.69.

Lucid Group Trading Down 5.2 %

The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The stock’s 50 day moving average is $2.62 and its 200-day moving average is $2.77. The company has a market cap of $6.96 billion, a PE ratio of -1.71 and a beta of 0.97.

Institutional Trading of Lucid Group

Several hedge funds have recently made changes to their positions in LCID. Newbridge Financial Services Group Inc. bought a new stake in Lucid Group during the fourth quarter worth approximately $28,000. Accredited Investors Inc. purchased a new position in shares of Lucid Group in the 4th quarter worth approximately $30,000. Proficio Capital Partners LLC bought a new position in shares of Lucid Group during the 4th quarter valued at approximately $31,000. DRW Securities LLC purchased a new stake in Lucid Group during the 4th quarter valued at $31,000. Finally, First National Corp MA ADV bought a new stake in Lucid Group in the fourth quarter worth $32,000. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

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.