Lucid Group (NASDAQ:LCID) Shares Down 3.5% – Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID) fell 3.5% during trading on Tuesday . The stock traded as low as $9.85 and last traded at $9.92. 5,443,525 shares changed hands during trading, a decline of 31% from the average session volume of 7,900,516 shares. The stock had previously closed at $10.28.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on LCID. Morgan Stanley lowered shares of Lucid Group from a “buy” rating to an “underweight” rating and cut their target price for the stock from $30.00 to $10.00 in a research report on Monday, December 8th. Royal Bank Of Canada cut their price objective on Lucid Group from $20.00 to $14.00 and set a “sector perform” rating for the company in a report on Wednesday, January 14th. Robert W. Baird set a $14.00 price objective on Lucid Group in a research report on Tuesday, January 6th. Stifel Nicolaus dropped their target price on Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a research report on Monday, November 17th. Finally, Zacks Research lowered Lucid Group from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 22nd. Two research analysts have rated the stock with a Buy rating, five have given a Hold rating and five have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $18.92.

Lucid Group Stock Performance

The business’s 50 day moving average price is $11.09 and its two-hundred day moving average price is $16.43. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.34 and a current ratio of 1.81.

Hedge Funds Weigh In On Lucid Group

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Jain Global LLC grew its stake in shares of Lucid Group by 13.3% in the fourth quarter. Jain Global LLC now owns 10,220 shares of the company’s stock worth $108,000 after acquiring an additional 1,200 shares during the period. Amundi boosted its holdings in Lucid Group by 40.2% in the fourth quarter. Amundi now owns 38,968 shares of the company’s stock worth $412,000 after purchasing an additional 11,179 shares during the last quarter. SIH Partners LLLP bought a new stake in Lucid Group in the 4th quarter worth approximately $740,000. Price T Rowe Associates Inc. MD raised its stake in Lucid Group by 22.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 116,719 shares of the company’s stock valued at $1,234,000 after buying an additional 21,530 shares during the last quarter. Finally, California State Teachers Retirement System raised its stake in Lucid Group by 11.8% during the 4th quarter. California State Teachers Retirement System now owns 131,345 shares of the company’s stock valued at $1,388,000 after buying an additional 13,813 shares during the last quarter. Institutional investors own 75.17% of the company’s stock.

About Lucid Group

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.