Lucid Group (NASDAQ:LCID) Shares Gap Down – Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $2.61, but opened at $2.45. Lucid Group shares last traded at $2.39, with a volume of 45,537,618 shares traded.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on LCID. R. F. Lafferty upgraded Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective for the company in a research report on Monday, November 11th. Redburn Atlantic cut Lucid Group from a “neutral” rating to a “sell” rating and decreased their target price for the company from $3.50 to $1.13 in a research report on Monday. Benchmark initiated coverage on shares of Lucid Group in a research note on Wednesday, February 12th. They issued a “buy” rating and a $5.00 target price for the company. Bank of America downgraded shares of Lucid Group from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $3.00 to $1.00 in a report on Wednesday. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research report on Wednesday. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Lucid Group currently has a consensus rating of “Hold” and an average target price of $2.73.

Lucid Group Trading Down 11.7 %

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 stock has a market cap of $6.94 billion, a price-to-earnings ratio of -1.72 and a beta of 0.93. The business has a 50 day simple moving average of $2.99 and a two-hundred day simple moving average of $2.97.

Hedge Funds Weigh In On Lucid Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Creative Planning boosted its stake in shares of Lucid Group by 54.3% during the 3rd quarter. Creative Planning now owns 224,031 shares of the company’s stock worth $791,000 after acquiring an additional 78,839 shares in the last quarter. Signaturefd LLC raised its stake in shares of Lucid Group by 39.8% in the 3rd quarter. Signaturefd LLC now owns 36,493 shares of the company’s stock valued at $129,000 after acquiring an additional 10,383 shares in the last quarter. Ballentine Partners LLC boosted its holdings in Lucid Group by 67.3% during the third quarter. Ballentine Partners LLC now owns 33,707 shares of the company’s stock valued at $119,000 after acquiring an additional 13,554 shares during the period. DekaBank Deutsche Girozentrale acquired a new stake in Lucid Group in the 3rd quarter worth $192,000. Finally, Latko Wealth Management Ltd. acquired a new stake in shares of Lucid Group during the 3rd quarter worth approximately $39,000. 75.17% of the stock is 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.