Lucid Group (NASDAQ:LCID) Stock Price Down 0.7% - Should You Sell?

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) traded down 0.7% during trading on Wednesday . The stock traded as low as $2.09 and last traded at $2.09. 29,618,150 shares were traded during trading, a decline of 66% from the average session volume of 86,420,281 shares. The stock had previously closed at $2.10.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Cowen initiated coverage on shares of Lucid Group in a research note on Thursday. They set a "hold" rating for the company. Benchmark reaffirmed a "buy" rating and set a $5.00 price objective on shares of Lucid Group in a report on Friday. TD Cowen assumed coverage on shares of Lucid Group in a research note on Friday. They set a "hold" rating and a $2.30 price objective for the company. Stifel Nicolaus dropped their target price on shares of Lucid Group from $3.50 to $3.00 and set a "hold" rating on the stock in a research note on Thursday, February 27th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Lucid Group in a research report on Wednesday, February 26th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $2.69.

Lucid Group Trading Down 0.7 %

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 stock has a 50-day moving average of $2.85 and a 200 day moving average of $2.91. The stock has a market cap of $6.43 billion, a PE ratio of -1.59 and a beta of 0.97.

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Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Point72 Italy S.r.l. purchased a new stake in Lucid Group in the 3rd quarter worth approximately $3,209,000. Main Management ETF Advisors LLC purchased a new stake in Lucid Group during the third quarter worth $863,000. Charles Schwab Investment Management Inc. grew its position in Lucid Group by 84.6% during 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 buying an additional 2,335,452 shares during the period. Nisa Investment Advisors LLC increased its holdings 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 valued at $771,000 after buying an additional 249,500 shares in the last quarter. Finally, Empowered Funds LLC acquired a new position in shares of Lucid Group in the fourth quarter worth about $301,000. 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.