Lucid Group (NASDAQ:LCID) Trading Down 3.1% – Should You Sell?

Lucid Group, Inc. (NASDAQ:LCID) shares dropped 3.1% during mid-day trading on Tuesday . The stock traded as low as $2.03 and last traded at $2.06. Approximately 30,560,287 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 85,873,141 shares. The stock had previously closed at $2.12.

Analysts Set New Price Targets

Several research analysts have commented on LCID shares. Benchmark initiated coverage on shares of Lucid Group in a research note on Wednesday, February 12th. They set a “buy” rating and a $5.00 price target on the stock. Cantor Fitzgerald reiterated a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a research report on Wednesday, February 26th. Bank of America downgraded shares of Lucid Group from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $3.00 to $1.00 in a research note on Wednesday, February 26th. Royal Bank of Canada reduced their price objective on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research note on Tuesday, November 19th. Finally, Stifel Nicolaus lowered their target price on Lucid Group from $3.50 to $3.00 and set a “hold” rating for the company in a research note on Thursday, February 27th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Lucid Group presently has an average rating of “Hold” and a consensus target price of $2.73.

Lucid Group Stock Down 0.9 %

The company has a market capitalization of $6.32 billion, a P/E ratio of -1.57 and a beta of 0.93. 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 company has a 50 day moving average of $2.94 and a 200-day moving average of $2.95.

Institutional Investors Weigh In On Lucid Group

Large investors have recently made changes to their positions in the business. Point72 Italy S.r.l. purchased a new stake in Lucid Group in the third quarter worth $3,209,000. Main Management ETF Advisors LLC bought a new position in Lucid Group in the 3rd quarter worth $863,000. Charles Schwab Investment Management Inc. lifted its position in shares of Lucid Group by 84.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock worth $17,991,000 after purchasing an additional 2,335,452 shares during the period. Nisa Investment Advisors LLC boosted its stake in shares of Lucid Group by 4,301.7% during the 4th quarter. Nisa Investment Advisors LLC now owns 255,300 shares of the company’s stock valued at $771,000 after purchasing an additional 249,500 shares in the last quarter. Finally, Empowered Funds LLC bought a new stake in shares of Lucid Group during the 4th quarter valued at about $301,000. 75.17% of the stock is currently owned by institutional investors.

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.