Lucid Group (NASDAQ:LCID) Stock Price Down 2% - Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) fell 2% on Tuesday . The company traded as low as $1.99 and last traded at $2.04. 45,715,866 shares changed hands during mid-day trading, a decline of 48% from the average session volume of 88,320,000 shares. The stock had previously closed at $2.08.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Royal Bank of Canada dropped 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 research note on Tuesday, November 19th. Bank of America downgraded shares of Lucid Group from a "neutral" rating to an "underperform" rating and dropped their price target for the stock from $3.00 to $1.00 in a research note on Wednesday, February 26th. Stifel Nicolaus decreased 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 report on Thursday, February 27th. Cowen started coverage on Lucid Group in a research note on Thursday, March 6th. They set a "hold" rating for the company. Finally, TD Cowen started coverage on Lucid Group in a research note on Friday, March 7th. They issued a "hold" rating and a $2.30 price target on the stock. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, Lucid Group has a consensus rating of "Hold" and a consensus target price of $2.69.

Lucid Group Stock Up 3.3 %

The business's 50 day simple moving average is $2.79 and its 200-day simple moving average is $2.88. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The company has a market cap of $6.55 billion, a price-to-earnings ratio of -1.61 and a beta of 0.97.

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Institutional Trading of Lucid Group

A number of institutional investors have recently bought and sold shares of the company. Public Investment Fund raised its stake in shares of Lucid Group by 28.8% during the 4th 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 in the last quarter. Vanguard Group Inc. increased its holdings in Lucid Group by 31.1% in the fourth quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company's stock worth $333,163,000 after buying an additional 26,172,852 shares during the last quarter. Two Sigma Investments LP raised its position in 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 in the last quarter. Renaissance Technologies LLC lifted its stake in Lucid Group by 342.7% in 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 bought a new stake in Lucid Group in the fourth quarter worth approximately $34,123,000. Institutional investors and hedge funds 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.