Lucid Group (NASDAQ:LCID) Shares Down 2.1% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) shares traded down 2.1% during trading on Thursday . The company traded as low as $2.22 and last traded at $2.35. 95,048,796 shares were traded during 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

A number of research analysts have issued reports on LCID shares. Stifel Nicolaus reduced their price objective 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. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a report on Wednesday, February 26th. Cowen started coverage on Lucid Group in a research report on Thursday, March 6th. They issued a “hold” rating for the company. Benchmark reaffirmed a “buy” rating and set a $5.00 price target on shares of Lucid Group in a research report on Friday, March 7th. Finally, TD Cowen initiated coverage on Lucid Group in a research note on Friday, March 7th. They issued a “hold” rating and a $2.30 price objective on the stock. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $2.69.

Lucid Group Price Performance

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 stock has a market capitalization of $7.03 billion, a PE ratio of -1.73 and a beta of 0.97. The business has a fifty day moving average price of $2.58 and a 200-day moving average price of $2.72.

Institutional Investors Weigh In On Lucid Group

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

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.