Lucid Group (NASDAQ:LCID) Shares Down 0.6% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price was down 0.6% on Monday . The stock traded as low as $2.21 and last traded at $2.31. Approximately 19,347,016 shares were traded during trading, a decline of 65% from the average daily volume of 55,530,742 shares. The stock had previously closed at $2.32.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on LCID shares. Bank of America cut shares of Lucid Group from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $3.00 to $1.00 in a research note on Wednesday, February 26th. Cowen started coverage on Lucid Group in a report on Thursday, March 6th. They set a “hold” rating on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a research note on Wednesday, February 26th. TD Cowen began coverage on Lucid Group in a research note on Friday, March 7th. They set a “hold” rating and a $2.30 target price on the stock. Finally, Cantor Fitzgerald restated a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a research note on Friday, March 28th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, Lucid Group currently has an average rating of “Hold” and a consensus price target of $2.69.

Lucid Group Price Performance

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 $2.59 and its 200-day moving average price is $2.72. The stock has a market capitalization of $7.67 billion, a PE ratio of -1.89 and a beta of 0.97.

Institutional Investors Weigh In On Lucid Group

Several institutional investors have recently modified their holdings of the stock. Newbridge Financial Services Group Inc. purchased a new stake in Lucid Group during the 4th quarter valued at $28,000. Accredited Investors Inc. purchased a new stake in shares of Lucid Group in the fourth quarter valued at $30,000. Proficio Capital Partners LLC bought a new stake in shares of Lucid Group in the 4th quarter worth about $31,000. DRW Securities LLC purchased a new position in shares of Lucid Group during the 4th quarter worth about $31,000. Finally, First National Corp MA ADV bought a new position in Lucid Group during the 4th quarter valued at about $32,000. 75.17% of the stock is owned by institutional investors.

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.