Lucid Group (NASDAQ:LCID) Shares Down 12.5% - Here's What Happened

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares were down 12.5% on Wednesday . The stock traded as low as $2.30 and last traded at $2.29. Approximately 67,993,200 shares changed hands during trading, a decline of 17% from the average daily volume of 82,116,242 shares. The stock had previously closed at $2.61.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on LCID shares. Stifel Nicolaus lowered their price objective on shares of Lucid Group from $3.50 to $3.00 and set a "hold" rating on the stock in a report on Thursday. R. F. Lafferty upgraded shares of Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 target price for the company in a report on Monday, November 11th. Cantor Fitzgerald reiterated a "neutral" rating and issued a $3.00 target price on shares of Lucid Group in a report on Wednesday. Redburn Atlantic downgraded shares of Lucid Group from a "neutral" rating to a "sell" rating and lowered their target price for the company from $3.50 to $1.13 in a report on Monday, February 24th. Finally, Royal Bank of Canada lowered their target price on shares of Lucid Group from $3.00 to $2.00 and set a "sector perform" rating for the company in a report on Tuesday, November 19th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $2.73.

Lucid Group Stock Performance

The company has a market cap of $6.69 billion, a P/E ratio of -1.66 and a beta of 0.93. The company's 50-day moving average is $2.96 and its two-hundred day moving average is $2.96. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

Hedge Funds Weigh In On Lucid Group

Several institutional investors have recently added to or reduced their stakes in LCID. Newbridge Financial Services Group Inc. bought a new position in Lucid Group during the fourth quarter valued at 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 bought a new position in Lucid Group during the fourth quarter worth about $31,000. Finally, First National Corp MA ADV bought a new position in Lucid Group during the fourth quarter worth about $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.