Lucid Group (NASDAQ:LCID) Stock Price Down 4.8% - What's Next?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price fell 4.8% during trading on Friday . The company traded as low as $2.29 and last traded at $2.31. 20,636,628 shares changed hands during mid-day trading, a decline of 62% from the average session volume of 54,565,609 shares. The stock had previously closed at $2.42.

Analysts Set New Price Targets

A number of analysts have recently weighed in on LCID shares. Bank of America lowered Lucid Group from a "neutral" rating to an "underperform" rating and lowered their target price for the company from $3.00 to $1.00 in a research note on Wednesday, February 26th. Cowen assumed coverage on shares of Lucid Group in a research note on Thursday, March 6th. They issued a "hold" rating for the company. Morgan Stanley raised shares of Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 price target on the stock in a research note on Tuesday, March 18th. Stifel Nicolaus dropped their price objective on shares of Lucid Group from $3.50 to $3.00 and set a "hold" rating for the company in a research report on Thursday, February 27th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Lucid Group in a report on Wednesday, February 26th. Two 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's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $2.69.

Lucid Group Stock Down 4.0 %

The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The stock has a market cap of $7.37 billion, a price-to-earnings ratio of -1.81 and a beta of 0.97. The firm has a 50 day simple moving average of $2.59 and a two-hundred day simple moving average of $2.72.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Point72 Italy S.r.l. acquired a new stake in Lucid Group in the third quarter worth $3,209,000. Main Management ETF Advisors LLC acquired a new stake in Lucid Group during the 3rd quarter worth $863,000. Charles Schwab Investment Management Inc. lifted its holdings in Lucid Group by 84.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company's stock worth $17,991,000 after acquiring an additional 2,335,452 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in Lucid Group by 4,301.7% in the fourth quarter. Nisa Investment Advisors LLC now owns 255,300 shares of the company's stock valued at $771,000 after acquiring an additional 249,500 shares during the period. Finally, Empowered Funds LLC bought a new stake in shares of Lucid Group in the fourth quarter worth about $301,000. 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.