Lucid Group (NASDAQ:LCID) Trading Down 3.1% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s share price fell 3.1% on Thursday . The company traded as low as $2.34 and last traded at $2.37. 24,885,134 shares were traded during mid-day trading, a decline of 54% from the average session volume of 53,800,824 shares. The stock had previously closed at $2.44.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on LCID. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a report on Wednesday, February 26th. Morgan Stanley upgraded shares of Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 price objective for the company in a research note on Tuesday. Cowen assumed coverage on shares of Lucid Group in a research report on Thursday, March 6th. They set a “hold” rating for the company. Bank of America cut shares of Lucid Group from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $3.00 to $1.00 in a research report on Wednesday, February 26th. Finally, Redburn Atlantic cut shares of Lucid Group from a “neutral” rating to a “sell” rating and dropped their target price for the stock from $3.50 to $1.13 in a research report on Monday, February 24th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $2.69.

Lucid Group Stock Up 6.1 %

The company has a market cap of $7.34 billion, a P/E ratio of -1.81 and a beta of 0.97. 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 firm’s 50 day moving average price is $2.67 and its 200-day moving average price is $2.80.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Newbridge Financial Services Group Inc. bought a new position in Lucid Group during the 4th quarter worth approximately $28,000. Accredited Investors Inc. acquired a new stake in Lucid Group during the 4th quarter worth approximately $30,000. Proficio Capital Partners LLC acquired a new stake in Lucid Group during the 4th quarter worth approximately $31,000. DRW Securities LLC acquired a new stake in Lucid Group during the 4th quarter worth approximately $31,000. Finally, First National Corp MA ADV acquired a new stake in Lucid Group during the 4th quarter worth approximately $32,000. Institutional investors 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.