Lucid Group (NASDAQ:LCID) Trading Down 0.2% - Here's What Happened

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price dropped 0.2% during trading on Friday . The stock traded as low as $2.06 and last traded at $2.09. Approximately 24,384,522 shares changed hands during trading, a decline of 72% from the average daily volume of 87,002,750 shares. The stock had previously closed at $2.09.

Analyst Upgrades and Downgrades

LCID has been the subject of several recent research reports. Redburn Atlantic lowered shares of Lucid Group from a "neutral" rating to a "sell" rating and lowered their price target for the stock from $3.50 to $1.13 in a research report on Monday, February 24th. R. F. Lafferty upgraded shares of Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 price target for the company in a research report on Monday, November 11th. 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 research report on Thursday, February 27th. Royal Bank of Canada lowered their price target 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. Finally, Bank of America downgraded shares of 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. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $2.69.

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Lucid Group Stock Down 3.3 %

The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The company has a market capitalization of $6.26 billion, a price-to-earnings ratio of -1.55 and a beta of 0.97. The stock's fifty day simple moving average is $2.83 and its two-hundred day simple moving average is $2.90.

Institutional Investors Weigh In On Lucid Group

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

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.