Lucid Group (NASDAQ:LCID) Trading Down 4.9% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID) shares traded down 4.9% during mid-day trading on Wednesday . The stock traded as low as $2.39 and last traded at $2.41. 30,374,283 shares traded hands during trading, a decline of 46% from the average session volume of 56,079,390 shares. The stock had previously closed at $2.53.

Analysts Set New Price Targets

A number of brokerages recently commented on LCID. Bank of America cut Lucid Group from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $3.00 to $1.00 in a report on Wednesday, February 26th. Benchmark reissued a “buy” rating and issued a $5.00 price objective on shares of Lucid Group in a research note on Friday, March 7th. Stifel Nicolaus cut their target price on shares of Lucid Group from $3.50 to $3.00 and set a “hold” rating on the stock in a research note on Thursday, February 27th. Morgan Stanley raised shares of Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 price target for the company in a research report on Tuesday, March 18th. Finally, Cowen started coverage on Lucid Group in a research report on Thursday, March 6th. They set a “hold” rating on the stock. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Lucid Group presently has an average rating of “Hold” and an average target price of $2.69.

Lucid Group Trading Down 4.0 %

The firm has a market capitalization of $7.37 billion, a price-to-earnings ratio of -1.81 and a beta of 0.97. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The company has a 50-day moving average price of $2.59 and a 200-day moving average price of $2.72.

Hedge Funds Weigh In On Lucid Group

Several hedge funds have recently added to or reduced their stakes in LCID. Newbridge Financial Services Group Inc. purchased a new stake in shares of Lucid Group during the 4th quarter worth approximately $28,000. Accredited Investors Inc. purchased a new stake in Lucid Group in the fourth quarter valued at $30,000. Proficio Capital Partners LLC acquired a new position in Lucid Group in the fourth quarter valued at $31,000. DRW Securities LLC purchased a new position in shares of Lucid Group during the fourth quarter worth about $31,000. Finally, First National Corp MA ADV acquired a new stake in shares of Lucid Group during the fourth quarter worth about $32,000. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

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.