Lucid Group (NASDAQ:LCID) Stock Price Down 0.2% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s share price traded down 0.2% during trading on Friday . The stock traded as low as $2.06 and last traded at $2.09. 24,384,522 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 87,002,750 shares. The stock had previously closed at $2.09.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Royal Bank of Canada dropped their target price on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research report on Tuesday, November 19th. TD Cowen assumed coverage on Lucid Group in a research note on Friday. They set a “hold” rating and a $2.30 price target on the stock. Stifel Nicolaus reduced their price objective on Lucid Group from $3.50 to $3.00 and set a “hold” rating for the company in a research note on Thursday, February 27th. Bank of America lowered Lucid Group from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $3.00 to $1.00 in a research report on Wednesday, February 26th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research report on Wednesday, February 26th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, Lucid Group has an average rating of “Hold” and a consensus target price of $2.69.

Lucid Group Trading Up 2.9 %

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’s 50-day moving average is $2.85 and its 200 day moving average is $2.92. The company has a market cap of $6.48 billion, a price-to-earnings ratio of -1.60 and a beta of 0.97.

Hedge Funds Weigh In On Lucid Group

Institutional investors and hedge funds have recently modified their holdings of the business. Newbridge Financial Services Group Inc. acquired a new stake in Lucid Group in the fourth quarter valued at approximately $28,000. Accredited Investors Inc. acquired a new stake in Lucid Group in the 4th quarter valued at $30,000. Proficio Capital Partners LLC purchased a new stake in Lucid Group in the 4th quarter worth $31,000. DRW Securities LLC acquired a new position in Lucid Group during the fourth quarter worth $31,000. Finally, First National Corp MA ADV acquired a new position in Lucid Group during the fourth quarter worth $32,000. Hedge funds and other 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.