Lucid Group (NASDAQ:LCID) Trading Down 4.9% – Here’s What Happened

Lucid Group, Inc. (NASDAQ:LCID)’s share price fell 4.9% on Thursday . The company traded as low as $3.11 and last traded at $3.21. 49,221,752 shares were traded during mid-day trading, a decline of 38% from the average session volume of 79,467,477 shares. The stock had previously closed at $3.37.

Wall Street Analysts Forecast Growth

LCID has been the subject of several recent analyst reports. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. Royal Bank of Canada cut their price objective on 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. Cantor Fitzgerald reissued a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research note on Tuesday, January 7th. Benchmark assumed coverage on shares of Lucid Group in a research note on Wednesday, February 12th. They issued a “buy” rating and a $5.00 price target on the stock. Finally, R. F. Lafferty raised shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective for the company in a research report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, Lucid Group currently has an average rating of “Hold” and a consensus price target of $3.24.

Lucid Group Price Performance

The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The stock has a 50 day moving average price of $2.96 and a 200-day moving average price of $2.97. The stock has a market capitalization of $9.86 billion, a price-to-earnings ratio of -2.45 and a beta of 0.93.

Hedge Funds Weigh In On Lucid Group

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