Lucid Group (NASDAQ:LCID) Stock Price Down 4.1% – Should You Sell?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price fell 4.1% during mid-day trading on Friday . The stock traded as low as $3.15 and last traded at $3.18. 35,294,593 shares changed hands during trading, a decline of 55% from the average session volume of 79,145,930 shares. The stock had previously closed at $3.31.

Analyst Ratings Changes

A number of equities research analysts recently commented on LCID shares. R. F. Lafferty raised shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective on the stock in a research note on Monday, November 11th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. Royal Bank of Canada dropped their price objective on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a research note on Tuesday, November 19th. Benchmark initiated coverage on Lucid Group in a research note on Wednesday, February 12th. They issued a “buy” rating and a $5.00 target price on the stock. Finally, Cantor Fitzgerald reissued a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a research report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $3.10.

Lucid Group Price Performance

The company’s 50 day simple moving average is $2.99 and its 200 day simple moving average is $2.98. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $9.22 billion, a PE ratio of -2.28 and a beta of 0.93.

Hedge Funds Weigh In On Lucid Group

Several institutional investors have recently added to or reduced their stakes in LCID. Point72 Italy S.r.l. acquired a new stake in Lucid Group in the 3rd quarter worth about $3,209,000. Main Management ETF Advisors LLC acquired a new stake in shares of Lucid Group in the third quarter worth approximately $863,000. Charles Schwab Investment Management Inc. grew its holdings in Lucid Group by 84.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock valued at $17,991,000 after purchasing an additional 2,335,452 shares during the period. CWM LLC increased its position in Lucid Group by 24.6% during the third quarter. CWM LLC now owns 34,350 shares of the company’s stock worth $121,000 after purchasing an additional 6,771 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its stake in Lucid Group by 4,301.7% during the fourth quarter. Nisa Investment Advisors LLC now owns 255,300 shares of the company’s stock worth $771,000 after purchasing an additional 249,500 shares during the period. 75.17% of the stock is currently owned by institutional investors and hedge funds.

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.