Lucid Group (NASDAQ:LCID) Shares Gap Down – Should You Sell?

Lucid Group, Inc. (NASDAQ:LCID)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $7.78, but opened at $6.95. Lucid Group shares last traded at $6.73, with a volume of 2,387,781 shares.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on LCID shares. Robert W. Baird set a $6.00 price objective on Lucid Group in a research report on Wednesday, May 6th. Zacks Research cut Lucid Group from a “hold” rating to a “strong sell” rating in a report on Monday, July 20th. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Lucid Group in a research report on Monday. Morgan Stanley set a $5.00 target price on Lucid Group in a report on Wednesday, May 6th. Finally, TD Cowen reduced their target price on Lucid Group from $10.00 to $7.00 and set a “hold” rating for the company in a report on Wednesday, May 6th. One analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, Lucid Group has an average rating of “Reduce” and a consensus target price of $9.56.

Lucid Group Price Performance

The company has a quick ratio of 0.48, a current ratio of 1.14 and a debt-to-equity ratio of 3.00. The firm has a market capitalization of $2.73 billion, a price-to-earnings ratio of -0.51 and a beta of 0.83. The stock’s 50 day moving average price is $6.13 and its two-hundred day moving average price is $7.89.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of LCID. EverSource Wealth Advisors LLC raised its stake in shares of Lucid Group by 1,574.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company’s stock worth $28,000 after purchasing an additional 2,740 shares in the last quarter. Leonteq Securities AG bought a new stake in shares of Lucid Group in the 4th quarter valued at approximately $67,000. Caitong International Asset Management Co. Ltd acquired a new position in Lucid Group in the fourth quarter worth approximately $77,000. Eurizon Capital SGR S.p.A. acquired a new stake in Lucid Group in the fourth quarter valued at approximately $86,000. Finally, HITE Hedge Asset Management LLC acquired a new stake in Lucid Group in the third quarter valued at approximately $212,000. 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.