Lucid Group (NASDAQ:LCID) Stock Price Down 0.7% – Should You Sell?

Shares of Lucid Group, Inc. (NASDAQ:LCID) dropped 0.7% during mid-day trading on Wednesday . The company traded as low as $2.09 and last traded at $2.09. Approximately 29,618,150 shares were traded during trading, a decline of 66% from the average daily volume of 86,420,281 shares. The stock had previously closed at $2.10.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Bank of America cut Lucid Group from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $3.00 to $1.00 in a report on Wednesday, February 26th. Royal Bank of Canada decreased 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. Redburn Atlantic downgraded Lucid Group from a “neutral” rating to a “sell” rating and cut their price objective for the company from $3.50 to $1.13 in a research note on Monday, February 24th. Benchmark initiated coverage on shares of Lucid Group in a report on Wednesday, February 12th. They issued a “buy” rating and a $5.00 target price for the company. Finally, R. F. Lafferty raised shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target on the stock in a report on Monday, November 11th. Three 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. Based on data from MarketBeat.com, Lucid Group has an average rating of “Hold” and an average price target of $2.73.

Lucid Group Stock Performance

The firm’s 50-day moving average price is $2.91 and its 200-day moving average price is $2.94. 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 stock has a market cap of $6.46 billion, a P/E ratio of -1.60 and a beta of 0.93.

Institutional Trading of Lucid Group

Institutional investors and hedge funds have recently bought and sold shares of the stock. Public Investment Fund grew 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 in the last quarter. Vanguard Group Inc. boosted its stake in Lucid Group by 31.1% during the fourth 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 last quarter. Geode Capital Management LLC boosted its stake in Lucid Group by 31.4% during the fourth quarter. Geode Capital Management LLC now owns 20,263,309 shares of the company’s stock valued at $61,214,000 after buying an additional 4,844,782 shares during the last quarter. Renaissance Technologies LLC grew its holdings in Lucid Group by 342.7% during the 4th quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company’s stock valued at $49,950,000 after buying an additional 12,803,987 shares in the last quarter. Finally, Two Sigma Investments LP increased its stake 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 worth $47,873,000 after acquiring an additional 15,493,320 shares during the last quarter. 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.