Lucid Group (NASDAQ:LCID) Shares Down 1.9% – Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID) dropped 1.9% on Wednesday . The stock traded as low as $3.39 and last traded at $3.42. Approximately 26,450,552 shares traded hands during trading, a decline of 67% from the average daily volume of 79,239,094 shares. The stock had previously closed at $3.48.

Wall Street Analysts Forecast Growth

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

Lucid Group Trading Down 7.6 %

The stock’s fifty day moving average price is $2.98 and its 200 day moving average price is $2.98. The stock has a market capitalization of $9.22 billion, a P/E ratio of -2.28 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.

Hedge Funds Weigh In On Lucid Group

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