Lucid Group (NASDAQ:LCID) Shares Down 4.8% – Should You Sell?

Shares of Lucid Group, Inc. (NASDAQ:LCID) traded down 4.8% during mid-day trading on Friday . The stock traded as low as $2.29 and last traded at $2.31. 20,636,628 shares were traded during mid-day trading, a decline of 62% from the average session volume of 54,565,609 shares. The stock had previously closed at $2.42.

Analyst Upgrades and Downgrades

A number of analysts have commented on LCID shares. Morgan Stanley raised Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 target price for the company in a report on Tuesday, March 18th. Stifel Nicolaus reduced their price objective on Lucid Group from $3.50 to $3.00 and set a “hold” rating for the company in a report on Thursday, February 27th. Bank of America cut shares of Lucid Group from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $3.00 to $1.00 in a research note on Wednesday, February 26th. TD Cowen assumed coverage on shares of Lucid Group in a research note on Friday, March 7th. They issued a “hold” rating and a $2.30 price target for the company. Finally, Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research report on Wednesday, February 26th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $2.69.

Lucid Group Stock Down 5.2 %

The company’s 50 day moving average price is $2.62 and its two-hundred day moving average price is $2.77. 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 firm has a market cap of $6.96 billion, a PE ratio of -1.71 and a beta of 0.97.

Institutional Trading of Lucid Group

Several hedge funds have recently bought and sold shares of LCID. Charles Schwab Investment Management Inc. lifted its position in shares of Lucid Group by 84.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock valued at $17,991,000 after buying an additional 2,335,452 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in Lucid Group by 2.5% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 263,401 shares of the company’s stock worth $930,000 after acquiring an additional 6,374 shares during the period. FMR LLC lifted its holdings in Lucid Group by 47.5% during the third quarter. FMR LLC now owns 149,987 shares of the company’s stock valued at $529,000 after purchasing an additional 48,304 shares in the last quarter. Townsquare Capital LLC bought a new position in shares of Lucid Group in the third quarter worth approximately $75,000. Finally, Rockefeller Capital Management L.P. increased its stake in shares of Lucid Group by 43.6% in the third quarter. Rockefeller Capital Management L.P. now owns 117,764 shares of the company’s stock worth $416,000 after purchasing an additional 35,766 shares in the last quarter. Institutional investors 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.