Lucid Group (NASDAQ:LCID) Shares Down 0.6% - Here's What Happened

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares were down 0.6% during trading on Tuesday . The company traded as low as $2.47 and last traded at $2.52. Approximately 24,067,215 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 60,595,605 shares. The stock had previously closed at $2.53.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Benchmark restated a "buy" rating and set a $5.00 price objective on shares of Lucid Group in a research report on Friday, March 7th. TD Cowen initiated coverage on shares of Lucid Group in a research report on Friday, March 7th. They set a "hold" rating and a $2.30 target price on the stock. Redburn Atlantic downgraded shares of Lucid Group from a "neutral" rating to a "sell" rating and dropped their price target for the company from $3.50 to $1.13 in a research report on Monday, February 24th. Stifel Nicolaus dropped their price target 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. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $3.00 target price on shares of Lucid Group in a report on Thursday, April 3rd. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $2.69.

Lucid Group Stock Up 3.0 %

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's 50-day moving average price is $2.48 and its 200-day moving average price is $2.62. The stock has a market cap of $7.21 billion, a price-to-earnings ratio of -1.78 and a beta of 0.88.

Institutional Investors Weigh In On Lucid Group

Several large investors have recently added to or reduced their stakes in the business. Grimes & Company Inc. purchased a new stake in shares of Lucid Group during the 1st quarter valued at $27,000. Newbridge Financial Services Group Inc. bought a new stake in Lucid Group in the fourth quarter worth about $28,000. Accredited Investors Inc. purchased a new position in Lucid Group in the fourth quarter valued at about $30,000. Proficio Capital Partners LLC purchased a new stake in shares of Lucid Group during the 4th quarter worth approximately $31,000. Finally, DRW Securities LLC bought a new stake in shares of Lucid Group in the 4th quarter worth approximately $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.