Lucid Group (NASDAQ:LCID) Stock Price Down 12.5% – Should You Sell?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price fell 12.5% during mid-day trading on Wednesday . The company traded as low as $2.30 and last traded at $2.29. 67,993,200 shares changed hands during mid-day trading, a decline of 17% from the average session volume of 82,116,242 shares. The stock had previously closed at $2.61.

Analysts Set New Price Targets

A number of brokerages recently weighed in on LCID. R. F. Lafferty raised Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective on the stock in a report on Monday, November 11th. Redburn Atlantic cut shares of Lucid Group from a “neutral” rating to a “sell” rating and dropped their target price for the company from $3.50 to $1.13 in a report on Monday. Cantor Fitzgerald reissued a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research note on Wednesday. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research report on Wednesday. Finally, Royal Bank of Canada cut their price objective on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a research report on Tuesday, November 19th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $2.73.

Lucid Group Stock Down 12.1 %

The firm has a 50-day moving average of $2.99 and a two-hundred day moving average of $2.97. The firm has a market cap of $6.91 billion, a price-to-earnings ratio of -1.71 and a beta of 0.93. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Public Investment Fund increased its position 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 valued at $5,348,084,000 after purchasing an additional 396,188,386 shares during the period. Vanguard Group Inc. increased its holdings in Lucid Group by 31.1% in the 4th quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company’s stock valued at $333,163,000 after buying an additional 26,172,852 shares during the period. Two Sigma Investments LP raised its stake in shares of 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 buying an additional 15,493,320 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Lucid Group by 342.7% during the 4th quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company’s stock worth $49,950,000 after acquiring an additional 12,803,987 shares during the period. Finally, Two Sigma Advisers LP acquired a new stake in shares of Lucid Group during the 4th quarter valued at about $34,123,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

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.