Lucid Group (NASDAQ:LCID) Stock Price Down 3.1% – Should You Sell?

Shares of Lucid Group, Inc. (NASDAQ:LCID) were down 3.1% on Thursday . The stock traded as low as $2.34 and last traded at $2.37. Approximately 24,885,134 shares were traded during trading, a decline of 54% from the average daily volume of 53,800,824 shares. The stock had previously closed at $2.44.

Wall Street Analysts Forecast Growth

LCID has been the subject of a number of analyst reports. Benchmark reaffirmed a “buy” rating and issued a $5.00 target price on shares of Lucid Group in a research report on Friday, March 7th. TD Cowen initiated coverage on Lucid Group in a report on Friday, March 7th. They set a “hold” rating and a $2.30 target price on the stock. Stifel Nicolaus reduced their target price on shares of 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 lowered Lucid Group from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $3.00 to $1.00 in a report on Wednesday, February 26th. Finally, Redburn Atlantic lowered shares of Lucid Group from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $3.50 to $1.13 in a research report on Monday, February 24th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Lucid Group has a consensus rating of “Hold” and an average target price of $2.69.

Lucid Group Price Performance

The firm has a 50 day moving average price of $2.70 and a two-hundred day moving average price of $2.82. The company has a market cap of $7.02 billion, a P/E ratio of -1.73 and a beta of 0.97. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71.

Institutional Investors Weigh In On Lucid Group

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

About Lucid Group

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.