Lucid Group (NASDAQ:LCID) Trading Down 0.2% – Should You Sell?

Shares of Lucid Group, Inc. (NASDAQ:LCID) traded down 0.2% during mid-day trading on Wednesday . The company traded as low as $2.41 and last traded at $2.43. 16,931,168 shares were traded during trading, a decline of 69% from the average session volume of 54,279,757 shares. The stock had previously closed at $2.43.

Analyst Upgrades and Downgrades

LCID has been the topic of a number of recent analyst reports. Stifel Nicolaus cut their price objective 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 restated a “buy” rating and set a $5.00 price target on shares of Lucid Group in a research report on Friday, March 7th. Redburn Atlantic cut shares of Lucid Group from a “neutral” rating to a “sell” rating and decreased their price objective for the company from $3.50 to $1.13 in a report on Monday, February 24th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research report on Wednesday, February 26th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a research report on Friday. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $2.69.

Lucid Group Stock Down 4.1 %

The business’s 50 day simple moving average is $2.62 and its 200 day simple moving average is $2.77. The company has a market capitalization of $7.03 billion, a PE ratio of -1.73 and a beta of 0.97. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77.

Institutional Trading of Lucid Group

Several large investors have recently added to or reduced their stakes in the company. Newbridge Financial Services Group Inc. purchased a new position in shares of Lucid Group during the fourth quarter valued at $28,000. Accredited Investors Inc. purchased a new position in Lucid Group during the 4th quarter valued at about $30,000. Proficio Capital Partners LLC purchased a new position in Lucid Group during the 4th quarter valued at about $31,000. DRW Securities LLC acquired a new position in shares of Lucid Group in the 4th quarter valued at about $31,000. Finally, First National Corp MA ADV purchased a new stake in shares of Lucid Group in the fourth quarter worth approximately $32,000. 75.17% of the stock is owned by institutional investors and hedge funds.

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.