Lucid Group (NASDAQ:LCID) Stock Price Down 8.3% - Here's Why

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price traded down 8.3% during trading on Monday . The stock traded as low as $2.71 and last traded at $2.81. 61,316,303 shares changed hands during mid-day trading, a decline of 24% from the average session volume of 80,219,023 shares. The stock had previously closed at $3.06.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Royal Bank of Canada reduced their price objective on Lucid Group from $3.00 to $2.00 and set a "sector perform" rating for the company in a report on Tuesday, November 19th. Redburn Atlantic downgraded Lucid Group from a "neutral" rating to a "sell" rating and cut their price target for the stock from $3.50 to $1.13 in a research note on Monday. Stifel Nicolaus lowered their price objective on Lucid Group from $3.50 to $3.00 and set a "hold" rating on the stock in a research note on Thursday. Benchmark started coverage on shares of Lucid Group in a research report on Wednesday, February 12th. They set a "buy" rating and a $5.00 target price for the company. Finally, R. F. Lafferty upgraded shares of Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 target price for the company in a research note on Monday, November 11th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $2.73.

Lucid Group Stock Up 1.5 %

The stock has a market capitalization of $6.91 billion, a P/E ratio of -1.71 and a beta of 0.93. The stock has a 50 day moving average price of $2.98 and a 200-day moving average price of $2.97. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26.

Hedge Funds Weigh In On Lucid Group

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