Lucid Group (NASDAQ:LCID) Stock Price Down 0.2% - What's Next?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price was down 0.2% during mid-day trading on Wednesday . The company traded as low as $2.41 and last traded at $2.43. Approximately 16,931,168 shares changed hands during trading, a decline of 69% from the average daily volume of 54,279,757 shares. The stock had previously closed at $2.43.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Stifel Nicolaus dropped their price target on shares of Lucid Group from $3.50 to $3.00 and set a "hold" rating on the stock in a research report on Thursday, February 27th. Bank of America downgraded shares of Lucid Group from a "neutral" rating to an "underperform" rating and dropped their target price for the stock from $3.00 to $1.00 in a report on Wednesday, February 26th. Redburn Atlantic cut shares of Lucid Group from a "neutral" rating to a "sell" rating and decreased their price target for the company from $3.50 to $1.13 in a report on Monday, February 24th. 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. Finally, Cantor Fitzgerald restated a "neutral" rating and set a $3.00 target price on shares of Lucid Group in a research note on Friday. 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 company. Based on data from MarketBeat.com, Lucid Group has an average rating of "Hold" and a consensus target price of $2.69.

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Lucid Group Price Performance

The company has a market cap of $7.03 billion, a price-to-earnings ratio of -1.73 and a beta of 0.97. 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 fifty day moving average price of $2.61 and a two-hundred day moving average price of $2.76.

Institutional Investors Weigh In On Lucid Group

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