Lucid Group (NASDAQ:LCID) Stock Price Down 1.2% - Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares dropped 1.2% during mid-day trading on Thursday . The stock traded as low as $2.07 and last traded at $2.15. Approximately 33,710,996 shares changed hands during trading, a decline of 61% from the average daily volume of 86,995,969 shares. The stock had previously closed at $2.17.

Analyst Upgrades and Downgrades

LCID has been the topic of several recent analyst reports. Royal Bank of Canada decreased their price objective 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. Bank of America downgraded shares of Lucid Group from a "neutral" rating to an "underperform" rating and decreased their price objective for the company from $3.00 to $1.00 in a report on Wednesday, February 26th. Needham & Company LLC reaffirmed a "hold" rating on shares of Lucid Group in a report on Wednesday, February 26th. Benchmark reissued a "buy" rating and issued a $5.00 price target on shares of Lucid Group in a research note on Friday. Finally, Redburn Atlantic downgraded shares of Lucid Group from a "neutral" rating to a "sell" rating and decreased their price target for the stock from $3.50 to $1.13 in a research note on Monday, February 24th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $2.69.

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Lucid Group Trading Up 2.9 %

The stock has a market capitalization of $6.48 billion, a price-to-earnings ratio of -1.60 and a beta of 0.97. The company's 50-day moving average is $2.87 and its 200-day moving average is $2.93. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

Institutional Investors Weigh In On Lucid Group

Several hedge funds and other institutional investors have recently bought and sold shares of LCID. Public Investment Fund increased its position in Lucid Group by 28.8% during the fourth quarter. Public Investment Fund now owns 1,770,888,684 shares of the company's stock worth $5,348,084,000 after purchasing an additional 396,188,386 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Lucid Group by 31.1% during the fourth quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company's stock valued at $333,163,000 after acquiring an additional 26,172,852 shares during the last quarter. Two Sigma Investments LP increased its position in shares of Lucid Group by 4,320.7% during the fourth quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company's stock valued at $47,873,000 after acquiring an additional 15,493,320 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of Lucid Group by 342.7% during the fourth quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company's stock valued at $49,950,000 after acquiring an additional 12,803,987 shares during the last quarter. Finally, Two Sigma Advisers LP acquired a new stake in shares of Lucid Group during the fourth quarter valued at about $34,123,000. 75.17% of the stock is currently owned by institutional investors and hedge funds.

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.