Lucid Group (NASDAQ:LCID) Shares Down 1% – Should You Sell?

Shares of Lucid Group, Inc. (NASDAQ:LCID) were down 1% on Tuesday . The company traded as low as $2.42 and last traded at $2.45. Approximately 18,310,957 shares changed hands during trading, a decline of 66% from the average daily volume of 54,634,726 shares. The stock had previously closed at $2.47.

Wall Street Analyst Weigh In

LCID has been the subject of several analyst reports. Bank of America lowered shares of Lucid Group from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $3.00 to $1.00 in a report on Wednesday, February 26th. Cowen assumed coverage on shares of Lucid Group in a research report on Thursday, March 6th. They set a “hold” rating on the stock. Morgan Stanley raised shares of 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. Benchmark reissued a “buy” rating and set a $5.00 price target on shares of Lucid Group in a report on Friday, March 7th. Finally, Stifel Nicolaus dropped their price objective on Lucid Group from $3.50 to $3.00 and set a “hold” rating for the company in a research note on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Lucid Group presently has a consensus rating of “Hold” and a consensus price target of $2.69.

Lucid Group Stock Up 2.5 %

The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The firm has a market capitalization of $7.34 billion, a PE ratio of -1.81 and a beta of 0.97. The company has a fifty day moving average price of $2.64 and a 200-day moving average price of $2.77.

Hedge Funds Weigh In On Lucid Group

Several institutional investors have recently bought and sold shares of the business. Newbridge Financial Services Group Inc. purchased a new stake in shares of Lucid Group during the 4th quarter valued at about $28,000. Accredited Investors Inc. purchased a new stake in Lucid Group during the fourth quarter valued at approximately $30,000. Proficio Capital Partners LLC bought a new stake in shares of Lucid Group in the 4th quarter valued at approximately $31,000. DRW Securities LLC purchased a new position in shares of Lucid Group in the 4th quarter worth approximately $31,000. Finally, First National Corp MA ADV bought a new position in shares of Lucid Group during the 4th quarter valued at approximately $32,000. Institutional investors own 75.17% of the company’s stock.

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.