Lucid Group (NASDAQ:LCID) Stock Price Down 2.7% - Here's What Happened

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price traded down 2.7% during mid-day trading on Monday . The stock traded as low as $2.30 and last traded at $2.32. 24,577,987 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 96,211,008 shares. The stock had previously closed at $2.38.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Benchmark restated a "buy" rating and issued a $5.00 price target on shares of Lucid Group in a report on Friday, March 7th. Morgan Stanley upgraded Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 price target for the company in a report on Tuesday, March 18th. Cowen started coverage on Lucid Group in a report on Thursday, March 6th. They issued a "hold" rating for the company. TD Cowen started coverage on Lucid Group in a research report on Friday, March 7th. They set a "hold" rating and a $2.30 price objective for the company. Finally, Robert W. Baird upped their price objective on Lucid Group from $2.00 to $3.00 and gave the stock a "neutral" rating in a research report on Monday. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $2.68.

Lucid Group Trading Up 5.6 %

The business's fifty day moving average is $2.45 and its 200-day moving average is $2.60. The firm has a market cap of $7.46 billion, a P/E ratio of -1.84 and a beta of 0.88. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71.

Institutional Trading of Lucid Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LCID. Sterling Investment Counsel LLC acquired a new stake in Lucid Group during the 1st quarter valued at approximately $25,000. Grimes & Company Inc. bought a new position in Lucid Group during the first quarter worth $27,000. Newbridge Financial Services Group Inc. acquired a new stake in Lucid Group in the fourth quarter worth $28,000. Accredited Investors Inc. bought a new stake in Lucid Group in the fourth quarter valued at $30,000. Finally, Proficio Capital Partners LLC acquired a new position in shares of Lucid Group during the fourth quarter valued at about $31,000. Institutional investors and hedge funds 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.