Lucid Group (NASDAQ:LCID) Shares Down 3.1% - What's Next?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price was down 3.1% during mid-day trading on Thursday . The company traded as low as $2.34 and last traded at $2.37. Approximately 24,885,134 shares changed hands during trading, a decline of 54% from the average daily volume of 53,800,824 shares. The stock had previously closed at $2.44.

Analysts Set New Price Targets

A number of research firms have recently weighed in on LCID. Cowen assumed coverage on Lucid Group in a research report on Thursday, March 6th. They set a "hold" rating for the company. Redburn Atlantic cut shares of Lucid Group from a "neutral" rating to a "sell" rating and dropped their target price for the company from $3.50 to $1.13 in a research report on Monday, February 24th. Needham & Company LLC reiterated a "hold" rating on shares of Lucid Group in a research report on Wednesday, February 26th. 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. Finally, Stifel Nicolaus reduced their target price on Lucid Group from $3.50 to $3.00 and set a "hold" rating on the stock in a report on Thursday, February 27th. Two equities research 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.com, the stock presently has a consensus rating of "Hold" and an average target price of $2.69.

Lucid Group Price Performance

The stock has a market cap of $7.37 billion, a P/E ratio of -1.81 and a beta of 0.97. The company's 50 day moving average price is $2.65 and its 200-day moving average price is $2.77. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

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Institutional Investors Weigh In On Lucid Group

Institutional investors have recently made changes to their positions in the stock. Newbridge Financial Services Group Inc. acquired a new position in shares of Lucid Group in the fourth quarter worth approximately $28,000. Accredited Investors Inc. bought a new position in Lucid Group during the fourth quarter worth $30,000. Proficio Capital Partners LLC bought a new position in Lucid Group during the fourth quarter worth $31,000. DRW Securities LLC bought a new stake in Lucid Group during the fourth quarter valued at $31,000. Finally, First National Corp MA ADV bought a new stake in Lucid Group during the fourth quarter valued at $32,000. Institutional investors own 75.17% of the company's stock.

About Lucid Group

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.