Lucid Group (NASDAQ:LCID) Shares Down 1.8% - Here's Why

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares dropped 1.8% on Tuesday . The stock traded as low as $2.46 and last traded at $2.49. Approximately 29,278,588 shares changed hands during trading, a decline of 53% from the average daily volume of 62,834,859 shares. The stock had previously closed at $2.53.

Wall Street Analyst Weigh In

A number of research firms have issued reports on LCID. Morgan Stanley upgraded shares of Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 target price for the company in a research note on Tuesday, March 18th. Benchmark reiterated a "buy" rating and issued a $5.00 price objective on shares of Lucid Group in a report on Friday, March 7th. Stifel Nicolaus cut their target price on Lucid Group from $3.50 to $3.00 and set a "hold" rating on the stock in a report on Thursday, February 27th. Redburn Atlantic downgraded Lucid Group from a "neutral" rating to a "sell" rating and decreased their price target for the stock from $3.50 to $1.13 in a research note on Monday, February 24th. Finally, Bank of America lowered Lucid Group from a "neutral" rating to an "underperform" rating and reduced their target price for the stock from $3.00 to $1.00 in a report on Wednesday, February 26th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $2.68.

Lucid Group Stock Up 2.2 %

The firm has a 50-day moving average price of $2.35 and a two-hundred day moving average price of $2.57. The company has a market capitalization of $7.78 billion, a P/E ratio of -1.92 and a beta of 0.88. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

Institutional Trading of Lucid Group

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

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.