Lucid Group (NASDAQ:LCID) Shares Down 5.8% – Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID)’s share price traded down 5.8% during trading on Friday . The company traded as low as $2.06 and last traded at $2.19. 44,111,098 shares changed hands during mid-day trading, a decline of 23% from the average session volume of 57,358,748 shares. The stock had previously closed at $2.32.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on LCID shares. Redburn Atlantic downgraded Lucid Group from a “neutral” rating to a “sell” rating and lowered their price target for the company from $3.50 to $1.13 in a report on Monday, February 24th. Stifel Nicolaus dropped their price target on Lucid Group from $3.50 to $3.00 and set a “hold” rating on the stock in a research note on Thursday, February 27th. Bank of America cut Lucid Group from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $3.00 to $1.00 in a research report on Wednesday, February 26th. Benchmark reissued a “buy” rating and issued a $5.00 price objective on shares of Lucid Group in a report on Friday, March 7th. Finally, Cantor Fitzgerald restated a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research note on Thursday. 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’s stock. According to data from MarketBeat.com, Lucid Group currently has an average rating of “Hold” and an average price target of $2.69.

Lucid Group Trading Down 1.7 %

The stock has a fifty day simple moving average of $2.57 and a 200 day simple moving average of $2.72. The firm has a market capitalization of $6.91 billion, a P/E ratio of -1.70 and a beta of 0.97. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Pine Valley Investments Ltd Liability Co grew its holdings in Lucid Group by 27.8% during the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 17,526 shares of the company’s stock valued at $62,000 after buying an additional 3,816 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S grew its stake in Lucid Group by 43.8% during the fourth quarter. BI Asset Management Fondsmaeglerselskab A S now owns 14,111 shares of the company’s stock valued at $43,000 after acquiring an additional 4,296 shares in the last quarter. Sei Investments Co. increased its holdings in Lucid Group by 14.0% in the 4th quarter. Sei Investments Co. now owns 36,031 shares of the company’s stock valued at $109,000 after acquiring an additional 4,431 shares during the last quarter. Voya Investment Management LLC boosted its holdings in shares of Lucid Group by 4.0% during the 4th quarter. Voya Investment Management LLC now owns 120,067 shares of the company’s stock valued at $363,000 after purchasing an additional 4,591 shares during the last quarter. Finally, Alpine Global Management LLC grew its position in shares of Lucid Group by 7.4% during the fourth quarter. Alpine Global Management LLC now owns 67,153 shares of the company’s stock valued at $203,000 after purchasing an additional 4,653 shares in the last quarter. 75.17% of the stock is owned by hedge funds and other 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.