Lucid Group (NASDAQ:LCID) Stock Price Down 8.3% - Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares fell 8.3% during trading on Monday . The stock traded as low as $2.71 and last traded at $2.81. 61,316,303 shares traded hands during mid-day trading, a decline of 24% from the average session volume of 80,219,023 shares. The stock had previously closed at $3.06.

Wall Street Analysts Forecast Growth

LCID has been the subject of a number of analyst reports. Cantor Fitzgerald restated a "neutral" rating and set a $3.00 price objective on shares of Lucid Group in a research note on Tuesday, January 7th. Redburn Atlantic cut shares of 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. Needham & Company LLC reiterated a "hold" rating on shares of Lucid Group in a research note on Friday, November 8th. Benchmark started coverage on shares of Lucid Group in a research report on Wednesday, February 12th. They set a "buy" rating and a $5.00 target price for the company. Finally, Royal Bank of Canada cut their price target on shares of Lucid Group from $3.00 to $2.00 and set a "sector perform" rating on the stock in a report on Tuesday, November 19th. Two analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $2.90.

Lucid Group Stock Performance

The stock has a market capitalization of $8.36 billion, a price-to-earnings ratio of -2.07 and a beta of 0.93. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. The firm has a 50-day moving average of $2.99 and a 200-day moving average of $2.98.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of LCID. Newbridge Financial Services Group Inc. purchased a new stake in Lucid Group in the fourth quarter valued at approximately $28,000. Accredited Investors Inc. purchased a new stake in shares of Lucid Group in the 4th quarter valued at $30,000. Proficio Capital Partners LLC acquired a new stake in shares of Lucid Group in the fourth quarter worth $31,000. DRW Securities LLC purchased a new position in shares of Lucid Group during the fourth quarter worth $31,000. Finally, First National Corp MA ADV acquired a new position in Lucid Group during the fourth quarter valued at $32,000. 75.17% of the stock is currently 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.

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