Lucid Group (NASDAQ:LCID) Stock Price Down 2.1% – Should You Sell?

Lucid Group, Inc. (NASDAQ:LCID) dropped 2.1% during mid-day trading on Friday . The stock traded as low as $8.56 and last traded at $8.5850. Approximately 5,864,870 shares traded hands during mid-day trading, a decline of 17% from the average daily volume of 7,102,616 shares. The stock had previously closed at $8.77.

Analysts Set New Price Targets

Several analysts have recently commented on LCID shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a report on Friday, March 27th. Cantor Fitzgerald reduced their target price on Lucid Group from $21.00 to $14.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 25th. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $10.00 price target on shares of Lucid Group in a research note on Wednesday, February 25th. Bank of America started coverage on Lucid Group in a report on Wednesday, March 4th. They issued an “underperform” rating and a $10.00 price target for the company. Finally, Robert W. Baird set a $14.00 price target on Lucid Group in a research note on Tuesday, January 6th. Two investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus target price of $13.14.

Lucid Group Stock Down 2.1%

The company’s 50 day moving average price is $10.01 and its 200 day moving average price is $13.48. The company has a quick ratio of 0.83, a current ratio of 1.25 and a debt-to-equity ratio of 3.00. The firm has a market capitalization of $2.81 billion, a price-to-earnings ratio of -0.71 and a beta of 1.16.

Institutional Trading of Lucid Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Valeo Financial Advisors LLC increased its holdings in shares of Lucid Group by 9.7% in the second quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock valued at $25,000 after purchasing an additional 1,055 shares during the period. Jain Global LLC boosted its position in Lucid Group by 13.3% in the fourth quarter. Jain Global LLC now owns 10,220 shares of the company’s stock valued at $108,000 after buying an additional 1,200 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in Lucid Group by 3.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 37,146 shares of the company’s stock valued at $393,000 after buying an additional 1,336 shares during the last quarter. Mercer Global Advisors Inc. ADV increased its holdings in Lucid Group by 11.8% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 13,590 shares of the company’s stock worth $144,000 after buying an additional 1,430 shares during the period. Finally, SBI Securities Co. Ltd. increased its holdings in Lucid Group by 9.6% in the 4th quarter. SBI Securities Co. Ltd. now owns 17,970 shares of the company’s stock worth $190,000 after buying an additional 1,569 shares during the period. Institutional investors and hedge funds own 75.17% of the company’s stock.

Lucid Group Company Profile

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.