Lucid Group (NASDAQ:LCID) Stock Price Down 1% – Should You Sell?

Lucid Group, Inc. (NASDAQ:LCID)’s share price was down 1% during mid-day trading on Tuesday . The stock traded as low as $2.42 and last traded at $2.45. Approximately 18,310,957 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 54,634,726 shares. The stock had previously closed at $2.47.

Wall Street Analyst Weigh In

LCID has been the subject of several research analyst reports. 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. Bank of America cut shares of Lucid Group from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $3.00 to $1.00 in a research note on Wednesday, February 26th. Redburn Atlantic lowered Lucid Group from a “neutral” rating to a “sell” rating and lowered their price target for the company from $3.50 to $1.13 in a research note on Monday, February 24th. Cowen assumed coverage on Lucid Group in a research report on Thursday, March 6th. They issued a “hold” rating for the company. Finally, Benchmark restated a “buy” rating and set a $5.00 price objective on shares of Lucid Group in a research report on Friday, March 7th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $2.69.

Lucid Group Price Performance

The company’s 50 day moving average price is $2.66 and its 200 day moving average price is $2.78. 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 market cap of $7.31 billion, a price-to-earnings ratio of -1.80 and a beta of 0.97.

Hedge Funds Weigh In On Lucid Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LCID. Public Investment Fund increased its holdings in shares of Lucid Group by 28.8% during the fourth quarter. Public Investment Fund now owns 1,770,888,684 shares of the company’s stock worth $5,348,084,000 after buying an additional 396,188,386 shares in the last quarter. Vanguard Group Inc. grew its position in Lucid Group by 31.1% during the 4th quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company’s stock worth $333,163,000 after acquiring an additional 26,172,852 shares during the last quarter. Geode Capital Management LLC increased its holdings in Lucid Group by 31.4% during the 4th quarter. Geode Capital Management LLC now owns 20,263,309 shares of the company’s stock valued at $61,214,000 after purchasing an additional 4,844,782 shares in the last quarter. Renaissance Technologies LLC raised its position in Lucid Group by 342.7% in the 4th quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company’s stock valued at $49,950,000 after purchasing an additional 12,803,987 shares during the last quarter. Finally, Two Sigma Investments LP raised its position in Lucid Group by 4,320.7% in the 4th quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company’s stock valued at $47,873,000 after purchasing an additional 15,493,320 shares during the last quarter. 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.