Lucid Group (NASDAQ:LCID) Stock Price Down 5.3% - Should You Sell?

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) were down 5.3% during mid-day trading on Thursday . The company traded as low as $2.03 and last traded at $2.05. Approximately 36,763,106 shares traded hands during mid-day trading, a decline of 59% from the average daily volume of 89,518,844 shares. The stock had previously closed at $2.16.

Analyst Ratings Changes

A number of equities analysts recently issued reports on LCID shares. Royal Bank of Canada decreased their price target on shares of Lucid Group from $3.00 to $2.00 and set a "sector perform" rating for the company in a research note on Tuesday, November 19th. Needham & Company LLC reaffirmed a "hold" rating on shares of Lucid Group in a research note on Wednesday, February 26th. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $3.00 target price on shares of Lucid Group in a research note on Wednesday, February 26th. Cowen started coverage on shares of Lucid Group in a research note on Thursday, March 6th. They set a "hold" rating for the company. Finally, Redburn Atlantic downgraded shares of Lucid Group from a "neutral" rating to a "sell" rating and decreased their target price for the company from $3.50 to $1.13 in a research note on Monday, February 24th. Three 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 data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $2.69.

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Lucid Group Stock Up 3.0 %

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 company's fifty day moving average is $2.75 and its 200-day moving average is $2.86. The company has a market cap of $6.34 billion, a PE ratio of -1.56 and a beta of 0.97.

Institutional Investors Weigh In On Lucid Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Public Employees Retirement System of Ohio boosted its holdings in Lucid Group by 5.3% in the fourth quarter. Public Employees Retirement System of Ohio now owns 339,579 shares of the company's stock worth $1,026,000 after purchasing an additional 17,230 shares during the last quarter. Alpine Global Management LLC boosted its holdings in Lucid Group by 7.4% in the fourth quarter. Alpine Global Management LLC now owns 67,153 shares of the company's stock worth $203,000 after purchasing an additional 4,653 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Lucid Group by 23.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,612,631 shares of the company's stock worth $7,890,000 after purchasing an additional 504,171 shares during the last quarter. Waverly Advisors LLC purchased a new stake in Lucid Group in the fourth quarter worth approximately $35,000. Finally, Worldquant Millennium Advisors LLC purchased a new stake in Lucid Group in the fourth quarter worth approximately $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.