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

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on LCID shares. Cowen assumed coverage on Lucid Group in a report on Thursday, March 6th. They set a “hold” rating on the stock. TD Cowen assumed coverage on Lucid Group in a report on Friday, March 7th. They set a “hold” rating and a $2.30 price target on the stock. Redburn Atlantic lowered shares of Lucid Group from a “neutral” rating to a “sell” rating and reduced their target price for the stock from $3.50 to $1.13 in a report on Monday, February 24th. 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. Finally, Benchmark restated a “buy” rating and issued a $5.00 price objective on shares of Lucid Group in a report on Friday, March 7th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, Lucid Group presently has an average rating of “Hold” and a consensus price target of $2.69.

Lucid Group Stock Performance

The stock has a market cap of $6.34 billion, a price-to-earnings ratio of -1.56 and a beta of 0.97. The company’s fifty day simple moving average is $2.75 and its two-hundred day simple moving average is $2.86. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26.

Hedge Funds Weigh In On Lucid Group

Several large investors have recently added to or reduced their stakes in the business. Pine Valley Investments Ltd Liability Co raised its stake in shares of Lucid Group by 27.8% in the third quarter. Pine Valley Investments Ltd Liability Co now owns 17,526 shares of the company’s stock worth $62,000 after purchasing an additional 3,816 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S raised its position in Lucid Group by 43.8% in the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 14,111 shares of the company’s stock valued at $43,000 after buying an additional 4,296 shares during the last quarter. Sei Investments Co. lifted its stake in Lucid Group by 14.0% during the 4th quarter. Sei Investments Co. now owns 36,031 shares of the company’s stock valued at $109,000 after acquiring an additional 4,431 shares in the last quarter. Voya Investment Management LLC boosted its holdings in Lucid Group by 4.0% during the 4th quarter. Voya Investment Management LLC now owns 120,067 shares of the company’s stock worth $363,000 after acquiring an additional 4,591 shares during the last quarter. Finally, Alpine Global Management LLC grew its stake in shares of Lucid Group by 7.4% in the 4th quarter. Alpine Global Management LLC now owns 67,153 shares of the company’s stock worth $203,000 after acquiring an additional 4,653 shares in the last quarter. 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.