Lucid Group (NASDAQ:LCID) Stock Price Down 2.1% – Time to Sell?

Shares of Lucid Group, Inc. (NASDAQ:LCID) dropped 2.1% on Thursday . The stock traded as low as $2.22 and last traded at $2.35. Approximately 95,048,796 shares traded hands during trading, an increase of 67% from the average daily volume of 56,778,421 shares. The stock had previously closed at $2.40.

Wall Street Analyst Weigh In

LCID has been the topic of several recent analyst reports. Morgan Stanley upgraded shares of Lucid Group from an “underweight” rating to an “equal weight” rating and set a $3.00 price target on the stock in a research note on Tuesday, March 18th. Stifel Nicolaus cut their price target on shares of Lucid Group from $3.50 to $3.00 and set a “hold” rating on the stock in a research note on Thursday, February 27th. Benchmark reissued a “buy” rating and issued a $5.00 price target on shares of Lucid Group in a research report on Friday, March 7th. Cantor Fitzgerald reiterated a “neutral” rating and set a $3.00 target price on shares of Lucid Group in a research report on Thursday. Finally, Bank of America downgraded Lucid Group from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $3.00 to $1.00 in a report on Wednesday, February 26th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Lucid Group has a consensus rating of “Hold” and a consensus target price of $2.69.

Lucid Group Stock Performance

The company has a market cap of $6.91 billion, a PE ratio of -1.70 and a beta of 0.97. 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 stock’s 50-day simple moving average is $2.56 and its 200 day simple moving average is $2.71.

Institutional Investors Weigh In On Lucid Group

A number of institutional investors have recently added to or reduced their stakes in LCID. Newbridge Financial Services Group Inc. purchased a new stake in shares of Lucid Group in the fourth quarter valued at approximately $28,000. Accredited Investors Inc. acquired a new stake in Lucid Group in the fourth quarter valued at $30,000. Proficio Capital Partners LLC purchased a new stake in shares of Lucid Group during the 4th quarter worth $31,000. DRW Securities LLC acquired a new position in shares of Lucid Group during the 4th quarter worth $31,000. Finally, First National Corp MA ADV purchased a new position in shares of Lucid Group in the 4th quarter valued at about $32,000. 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.