Lucid Group (NASDAQ:LCID) Shares Down 1% – What’s Next?

Shares of Lucid Group, Inc. (NASDAQ:LCID) fell 1% during trading on Tuesday . The company traded as low as $2.42 and last traded at $2.45. 18,310,957 shares were traded during trading, a decline of 66% from the average session volume of 54,634,726 shares. The stock had previously closed at $2.47.

Analysts Set New Price Targets

A number of analysts recently weighed in on LCID shares. Cantor Fitzgerald reissued a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research report on Wednesday, February 26th. TD Cowen assumed coverage on Lucid Group in a report on Friday, March 7th. They set a “hold” rating and a $2.30 price objective for the company. Redburn Atlantic downgraded Lucid Group from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $3.50 to $1.13 in a research report on Monday, February 24th. Benchmark reaffirmed a “buy” rating and issued a $5.00 price target on shares of Lucid Group in a research note on Friday, March 7th. Finally, Bank of America cut shares of Lucid Group from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $3.00 to $1.00 in a research report on Wednesday, February 26th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, Lucid Group currently has an average rating of “Hold” and an average price target of $2.69.

Lucid Group Stock Performance

The stock has a market cap of $7.34 billion, a PE 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 business’s 50-day moving average price is $2.64 and its 200-day moving average price is $2.77.

Institutional Inflows and Outflows

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