Lucid Group (NASDAQ:LCID) Shares Down 2.7% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) shares traded down 2.7% on Monday . The company 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 Analyst Weigh In

A number of research firms have recently weighed in on LCID. Bank of America downgraded shares of Lucid Group from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $3.00 to $1.00 in a research report on Wednesday, February 26th. Benchmark reissued a “buy” rating and issued a $5.00 target price on shares of Lucid Group in a research report on Friday, March 7th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a research report on Thursday, April 3rd. TD Cowen initiated coverage on Lucid Group in a research note on Friday, March 7th. They set a “hold” rating and a $2.30 price target for the company. Finally, Redburn Atlantic cut Lucid Group from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $3.50 to $1.13 in a research note on Monday, February 24th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, Lucid Group presently has a consensus rating of “Hold” and a consensus price target of $2.69.

Lucid Group Price Performance

The business’s 50-day moving average price is $2.48 and its 200 day moving average price is $2.61. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $7.00 billion, a P/E ratio of -1.72 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 LCID. Sterling Investment Counsel LLC purchased a new stake in shares of Lucid Group in the 1st quarter valued at about $25,000. Grimes & Company Inc. bought a new position in shares of Lucid Group in the first quarter worth approximately $27,000. Newbridge Financial Services Group Inc. purchased a new stake in Lucid Group in the fourth quarter valued at approximately $28,000. Accredited Investors Inc. bought a new stake in Lucid Group during the fourth quarter valued at approximately $30,000. Finally, Proficio Capital Partners LLC purchased a new position in Lucid Group in the 4th quarter worth approximately $31,000. 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.