Lucid Group (NASDAQ:LCID) Stock Price Down 4.8% - Should You Sell?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price dropped 4.8% on Friday . The company traded as low as $2.29 and last traded at $2.31. Approximately 20,636,628 shares traded hands during mid-day trading, a decline of 62% from the average daily volume of 54,565,609 shares. The stock had previously closed at $2.42.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on LCID shares. Benchmark reissued a "buy" rating and set a $5.00 price objective on shares of Lucid Group in a report on Friday, March 7th. Cowen started coverage on Lucid Group in a report on Thursday, March 6th. They set a "hold" rating on the stock. Stifel Nicolaus reduced their price objective on shares of Lucid Group from $3.50 to $3.00 and set a "hold" rating for the company in a research note on Thursday, February 27th. Morgan Stanley raised shares of Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 price objective for the company in a report on Tuesday, March 18th. Finally, Cantor Fitzgerald reiterated a "neutral" rating and issued a $3.00 target price on shares of Lucid Group in a report on Friday. 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. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $2.69.

Lucid Group Trading Down 4.1 %

The business has a 50-day moving average of $2.61 and a two-hundred day moving average of $2.74. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $7.03 billion, a price-to-earnings ratio of -1.73 and a beta of 0.97.

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Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of LCID. Point72 Italy S.r.l. bought a new stake in Lucid Group in the 3rd quarter valued at $3,209,000. Main Management ETF Advisors LLC bought a new stake in Lucid Group in the third quarter valued at about $863,000. Charles Schwab Investment Management Inc. increased its stake in Lucid Group by 84.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company's stock valued at $17,991,000 after acquiring an additional 2,335,452 shares during the period. Nisa Investment Advisors LLC raised its position in Lucid Group by 4,301.7% in the fourth quarter. Nisa Investment Advisors LLC now owns 255,300 shares of the company's stock worth $771,000 after purchasing an additional 249,500 shares in the last quarter. Finally, Empowered Funds LLC bought a new position in Lucid Group during the fourth quarter worth about $301,000. 75.17% of the stock is currently owned by institutional investors and hedge funds.

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.