Lucid Group (NASDAQ:LCID) Shares Down 1.6% – Should You Sell?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price traded down 1.6% during trading on Tuesday . The company traded as low as $2.69 and last traded at $2.73. 13,972,255 shares changed hands during trading, a decline of 82% from the average session volume of 76,731,984 shares. The stock had previously closed at $2.77.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on LCID. Cfra set a $2.00 target price on Lucid Group in a research note on Thursday, October 17th. Royal Bank of Canada cut their target price on shares of 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. R. F. Lafferty upgraded shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price target for the company in a research note on Monday, November 11th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research note on Tuesday, January 7th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $3.04.

Lucid Group Stock Performance

The stock has a market cap of $8.12 billion, a PE ratio of -2.01 and a beta of 0.93. 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 firm has a 50 day moving average of $2.84 and a two-hundred day moving average of $2.98.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of LCID. Charles Schwab Investment Management Inc. increased its position in shares of Lucid Group by 29.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,595,701 shares of the company’s stock worth $19,919,000 after purchasing an additional 1,499,034 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Lucid Group by 3.0% during the 4th quarter. Bank of New York Mellon Corp now owns 2,958,566 shares of the company’s stock worth $8,935,000 after purchasing an additional 85,370 shares during the period. Swiss National Bank grew its position in Lucid Group by 2.1% during the 4th quarter. Swiss National Bank now owns 1,839,000 shares of the company’s stock worth $5,554,000 after purchasing an additional 37,500 shares during the last quarter. Van ECK Associates Corp grew its holdings in shares of Lucid Group by 103.3% during the fourth quarter. Van ECK Associates Corp now owns 1,246,461 shares of the company’s stock worth $3,764,000 after buying an additional 633,410 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D increased its position in Lucid Group by 114.7% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 999,601 shares of the company’s stock valued at $3,019,000 after acquiring an additional 533,973 shares during the period. 75.17% of the stock is owned by hedge funds and other 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.