Lucid Group (NASDAQ:LCID) Shares Down 0.2% - Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price traded down 0.2% during mid-day trading on Friday . The company traded as low as $2.49 and last traded at $2.53. 25,841,447 shares changed hands during mid-day trading, a decline of 59% from the average session volume of 63,723,081 shares. The stock had previously closed at $2.53.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on LCID shares. Stifel Nicolaus cut their price target on shares of Lucid Group from $3.50 to $3.00 and set a "hold" rating on the stock in a report on Thursday, February 27th. Cantor Fitzgerald reiterated a "neutral" rating and issued a $3.00 price target on shares of Lucid Group in a research note on Thursday, April 3rd. Cowen began coverage on Lucid Group in a research note on Thursday, March 6th. They set a "hold" rating on the stock. Robert W. Baird increased their price objective on shares of Lucid Group from $2.00 to $3.00 and gave the company a "neutral" rating in a research report on Monday, April 21st. Finally, Benchmark reissued a "buy" rating and set a $5.00 target price on shares of Lucid Group in a research report on Friday, March 7th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $2.68.

Lucid Group Price Performance

The company's 50-day moving average price is $2.35 and its 200-day moving average price is $2.56. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The firm has a market cap of $7.67 billion, a price-to-earnings ratio of -1.89 and a beta of 0.88.

Hedge Funds Weigh In On Lucid Group

A number of institutional investors and hedge funds have recently modified their holdings of the company. B. Riley Wealth Advisors Inc. boosted its stake in Lucid Group by 14.1% in the third quarter. B. Riley Wealth Advisors Inc. now owns 65,191 shares of the company's stock valued at $226,000 after acquiring an additional 8,074 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Lucid Group by 73.7% in the 4th quarter. GAMMA Investing LLC now owns 11,860 shares of the company's stock valued at $36,000 after purchasing an additional 5,031 shares during the last quarter. Everence Capital Management Inc. acquired a new stake in shares of Lucid Group in the 4th quarter valued at about $151,000. Fermata Advisors LLC acquired a new position in Lucid Group during the fourth quarter worth approximately $144,000. Finally, Wedge Capital Management L L P NC acquired a new position in Lucid Group during the fourth quarter worth approximately $33,000. Institutional investors and hedge funds own 75.17% of the company's stock.

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.