Lucid Group (NASDAQ:LCID) Stock Price Down 3.1% - Time to Sell?

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) dropped 3.1% during mid-day trading on Tuesday . The company traded as low as $2.03 and last traded at $2.06. Approximately 30,560,287 shares were traded during trading, a decline of 64% from the average daily volume of 85,873,141 shares. The stock had previously closed at $2.12.

Analyst Upgrades and Downgrades

LCID has been the topic of a number of research analyst reports. Bank of America cut shares of Lucid Group from a "neutral" rating to an "underperform" rating and cut their price objective for the stock from $3.00 to $1.00 in a research report on Wednesday, February 26th. Redburn Atlantic cut shares of Lucid Group from a "neutral" rating to a "sell" rating and dropped their price target for the company from $3.50 to $1.13 in a research report on Monday, February 24th. Needham & Company LLC reaffirmed a "hold" rating on shares of Lucid Group in a research report on Wednesday, February 26th. R. F. Lafferty raised shares of Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 price target on the stock in a research report on Monday, November 11th. Finally, Benchmark started coverage on shares of Lucid Group in a research report on Wednesday, February 12th. They issued a "buy" rating and a $5.00 price target on the stock. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Lucid Group currently has a consensus rating of "Hold" and an average price target of $2.73.

Lucid Group Stock Performance

The company's 50 day moving average price is $2.89 and its 200-day moving average price is $2.93. 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 company has a market cap of $6.54 billion, a PE ratio of -1.62 and a beta of 0.93.

Institutional Investors Weigh In On Lucid Group

Several large investors have recently modified their holdings of the stock. Public Employees Retirement System of Ohio raised its holdings in Lucid Group by 5.3% during the 4th quarter. Public Employees Retirement System of Ohio now owns 339,579 shares of the company's stock valued at $1,026,000 after acquiring an additional 17,230 shares during the period. Alpine Global Management LLC raised its holdings in Lucid Group by 7.4% during the 4th quarter. Alpine Global Management LLC now owns 67,153 shares of the company's stock valued at $203,000 after acquiring an additional 4,653 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Lucid Group by 23.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,612,631 shares of the company's stock valued at $7,890,000 after acquiring an additional 504,171 shares during the period. Waverly Advisors LLC bought a new stake in Lucid Group during the 4th quarter valued at $35,000. Finally, Worldquant Millennium Advisors LLC bought a new stake in Lucid Group during the 4th quarter valued at $5,390,000. Hedge funds and other 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.