Lucid Group (NASDAQ:LCID) Trading Down 6.3% – Should You Sell?

Lucid Group, Inc. (NASDAQ:LCID) shares were down 6.3% during trading on Monday . The company traded as low as $9.09 and last traded at $9.33. Approximately 9,090,321 shares traded hands during trading, an increase of 29% from the average daily volume of 7,070,326 shares. The stock had previously closed at $9.96.

Analysts Set New Price Targets

Several research firms recently issued reports on LCID. Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a research note on Friday, March 27th. Robert W. Baird set a $14.00 price target on Lucid Group in a research report on Tuesday, January 6th. Zacks Research raised Lucid Group from a “strong sell” rating to a “hold” rating in a report on Thursday, March 5th. Bank of America began coverage on shares of Lucid Group in a research report on Wednesday, March 4th. They issued an “underperform” rating and a $10.00 price objective on the stock. Finally, Morgan Stanley lowered shares of Lucid Group from a “buy” rating to an “underweight” rating and dropped their target price for the company from $30.00 to $10.00 in a research report on Monday, December 8th. Two analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, Lucid Group presently has a consensus rating of “Reduce” and an average price target of $13.14.

Lucid Group Stock Down 6.3%

The stock has a 50-day simple moving average of $10.17 and a two-hundred day simple moving average of $13.71. 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 cap of $3.06 billion, a PE ratio of -0.77 and a beta of 1.16.

Institutional Trading of Lucid Group

A number of hedge funds have recently bought and sold shares of the company. Tudor Investment Corp ET AL purchased a new position in shares of Lucid Group during the third quarter worth approximately $1,361,978,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of Lucid Group in the 3rd quarter valued at $2,248,000. Marex Group plc purchased a new stake in shares of Lucid Group in the 2nd quarter valued at $7,613,000. Norges Bank bought a new position in shares of Lucid Group during the 2nd quarter valued at $16,469,000. Finally, Rhumbline Advisers raised its position in Lucid Group by 10.8% in the 2nd quarter. Rhumbline Advisers now owns 902,632 shares of the company’s stock worth $1,905,000 after purchasing an additional 87,907 shares during the period. 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.