Lucid Group (NASDAQ:LCID) Trading Down 4.1% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) shares traded down 4.1% during trading on Friday . The company traded as low as $3.15 and last traded at $3.18. 35,294,593 shares traded hands during trading, a decline of 55% from the average session volume of 79,145,930 shares. The stock had previously closed at $3.31.

Analysts Set New Price Targets

LCID has been the subject of a number of recent research reports. R. F. Lafferty upgraded Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price for the company in a research note on Monday, November 11th. Royal Bank of Canada decreased their target price on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a research note on Tuesday, November 19th. Benchmark initiated coverage on shares of Lucid Group in a research note on Wednesday, February 12th. They set a “buy” rating and a $5.00 price target on the stock. Cantor Fitzgerald reiterated a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a report on Tuesday, January 7th. Finally, Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $3.24.

Lucid Group Stock Down 7.1 %

The firm has a market cap of $9.26 billion, a P/E ratio of -2.29 and a beta of 0.93. The firm’s 50-day moving average price is $2.98 and its 200 day moving average price is $2.98. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26.

Institutional Inflows and Outflows

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