Lucid Group (NASDAQ:LCID) Stock Price Down 5.2% – Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID) traded down 5.2% during trading on Friday . The stock traded as low as $7.23 and last traded at $7.30. 30,098,712 shares changed hands during trading, an increase of 252% from the average session volume of 8,559,242 shares. The stock had previously closed at $7.70.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Zacks Research upgraded shares of Lucid Group from a “strong sell” rating to a “hold” rating in a report on Thursday, March 5th. TD Cowen reiterated a “hold” rating and set a $10.00 price target (down from $19.00) on shares of Lucid Group in a report on Wednesday. Bank of America began coverage on shares of Lucid Group in a research report on Wednesday, March 4th. They set an “underperform” rating and a $10.00 price objective for the company. Cantor Fitzgerald reduced their price objective on shares of Lucid Group from $21.00 to $14.00 and set a “neutral” rating for the company in a research report on Wednesday, February 25th. Finally, Robert W. Baird reduced their price objective on shares of Lucid Group from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Wednesday. Two investment analysts have rated the stock with a Buy rating, six have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Reduce” and a consensus target price of $12.25.

Lucid Group Stock Down 5.2%

The firm has a market cap of $2.39 billion, a PE ratio of -0.60 and a beta of 1.16. The company has a debt-to-equity ratio of 3.00, a quick ratio of 0.83 and a current ratio of 1.25. The firm’s 50-day moving average price is $9.83 and its two-hundred day moving average price is $12.98.

Institutional Trading of Lucid Group

Several institutional investors and hedge funds have recently bought and sold shares of the business. J. Derek Lewis & Associates Inc. purchased a new stake in Lucid Group in the 4th quarter valued at $158,000. Corient Private Wealth LLC purchased a new stake in Lucid Group in the 4th quarter valued at $118,000. Caitong International Asset Management Co. Ltd purchased a new stake in Lucid Group in the 4th quarter valued at $77,000. Alpine Global Management LLC raised its position in Lucid Group by 561.7% in the 4th quarter. Alpine Global Management LLC now owns 16,160 shares of the company’s stock valued at $171,000 after purchasing an additional 19,660 shares during the last quarter. Finally, Virtu Financial LLC purchased a new stake in Lucid Group in the 4th quarter valued at $1,355,000. Hedge funds and other 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.