Lucid Group (NASDAQ:LCID) Stock Price Down 4.8% – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID)’s stock price was down 4.8% during mid-day trading on Friday . The stock traded as low as $2.29 and last traded at $2.31. Approximately 20,636,628 shares traded hands during mid-day trading, a decline of 62% from the average daily volume of 54,565,609 shares. The stock had previously closed at $2.42.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. TD Cowen assumed coverage on shares of Lucid Group in a report on Friday, March 7th. They set a “hold” rating and a $2.30 target price for the company. Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a report on Wednesday, February 26th. Stifel Nicolaus decreased 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. Cowen started coverage on shares of Lucid Group in a research note on Thursday, March 6th. They set a “hold” rating on the stock. Finally, Benchmark restated a “buy” rating and issued a $5.00 price target on shares of Lucid Group in a research note on Friday, March 7th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $2.69.

Lucid Group Stock Down 4.1 %

The company has a market capitalization of $7.03 billion, a PE ratio of -1.73 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 business has a fifty day moving average of $2.61 and a 200 day moving average of $2.75.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds have recently bought and sold shares of the stock. Newbridge Financial Services Group Inc. acquired a new position in Lucid Group in the fourth quarter valued at approximately $28,000. Accredited Investors Inc. purchased a new stake in Lucid Group in the 4th quarter valued at $30,000. Proficio Capital Partners LLC acquired a new stake in Lucid Group during the 4th quarter worth $31,000. DRW Securities LLC purchased a new position in Lucid Group during the 4th quarter worth $31,000. Finally, First National Corp MA ADV purchased a new stake in shares of Lucid Group in the fourth quarter valued at about $32,000. 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.