Lucid Group (NASDAQ:LCID) Stock Price Down 6.1% – Should You Sell?

Shares of Lucid Group, Inc. (NASDAQ:LCID) were down 6.1% on Monday . The stock traded as low as $6.46 and last traded at $6.61. Approximately 7,798,770 shares changed hands during mid-day trading, a decline of 45% from the average daily volume of 14,158,924 shares. The stock had previously closed at $7.04.

Analysts Set New Price Targets

LCID has been the topic of several research analyst reports. Zacks Research lowered Lucid Group from a “hold” rating to a “strong sell” rating in a research report on Monday, July 20th. TD Cowen cut their target price on Lucid Group from $10.00 to $7.00 and set a “hold” rating on the stock in a report on Wednesday, May 6th. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $7.00 price objective (down from $8.00) on shares of Lucid Group in a research note on Monday, July 13th. Robert W. Baird set a $6.00 price target on shares of Lucid Group in a research report on Wednesday, May 6th. Finally, Cantor Fitzgerald reissued a “neutral” rating on shares of Lucid Group in a report on Monday, August 3rd. One analyst has rated the stock with a Buy rating, seven have issued a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, Lucid Group presently has a consensus rating of “Reduce” and an average target price of $9.56.

Lucid Group Stock Performance

The company’s 50 day moving average price is $6.14 and its 200-day moving average price is $7.87. The stock has a market cap of $2.58 billion, a P/E ratio of -0.48 and a beta of 0.83. The company has a debt-to-equity ratio of 3.00, a quick ratio of 0.57 and a current ratio of 1.14.

Hedge Funds Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently modified their holdings of LCID. EverSource Wealth Advisors LLC grew its holdings in shares of Lucid Group by 1,574.7% in the first quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company’s stock valued at $28,000 after acquiring an additional 2,740 shares in the last quarter. Leonteq Securities AG purchased a new position in Lucid Group in the fourth quarter worth $67,000. Caitong International Asset Management Co. Ltd bought a new position in Lucid Group in the 4th quarter valued at $77,000. Eurizon Capital SGR S.p.A. bought a new position in Lucid Group in the 4th quarter valued at $86,000. Finally, HITE Hedge Asset Management LLC purchased a new stake in shares of Lucid Group during the 3rd quarter valued at $212,000. Hedge funds and other institutional investors own 75.17% of the company’s stock.

About Lucid Group

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.