Lucid Group (NASDAQ:LCID) Stock Price Down 4.9% - Should You Sell?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price was down 4.9% during trading on Wednesday . The company traded as low as $2.38 and last traded at $2.44. Approximately 38,206,860 shares changed hands during mid-day trading, a decline of 39% from the average daily volume of 63,094,214 shares. The stock had previously closed at $2.56.

Analyst Upgrades and Downgrades

Several research firms have weighed in on LCID. Stifel Nicolaus cut their price target on Lucid Group from $3.50 to $3.00 and set a "hold" rating for the company in a report on Thursday, February 27th. Bank of America downgraded shares of Lucid Group from a "neutral" rating to an "underperform" rating and lowered their price target for the company from $3.00 to $1.00 in a report on Wednesday, February 26th. Cowen initiated coverage on Lucid Group in a report on Thursday, March 6th. They set a "hold" rating on the stock. Morgan Stanley upgraded shares of Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 price objective on the stock in a research report on Tuesday, March 18th. Finally, Redburn Atlantic cut shares of Lucid Group from a "neutral" rating to a "sell" rating and dropped their price target for the stock from $3.50 to $1.13 in a research note on Monday, February 24th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $2.68.

Lucid Group Stock Down 3.5 %

The business's 50-day simple moving average is $2.36 and its 200 day simple moving average is $2.57. The firm has a market cap of $7.49 billion, a PE ratio of -1.84 and a beta of 0.88. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77.

Institutional Trading of Lucid Group

Several hedge funds and other institutional investors have recently bought and sold shares of LCID. Bank of New York Mellon Corp lifted its stake in shares of Lucid Group by 4.5% during the 1st quarter. Bank of New York Mellon Corp now owns 3,091,063 shares of the company's stock worth $7,480,000 after purchasing an additional 132,497 shares during the last quarter. World Investment Advisors raised its stake in shares of Lucid Group by 30.5% during the 1st quarter. World Investment Advisors now owns 78,325 shares of the company's stock worth $190,000 after acquiring an additional 18,284 shares in the last quarter. OneDigital Investment Advisors LLC purchased a new stake in shares of Lucid Group during the 1st quarter valued at $55,000. Meritage Portfolio Management purchased a new stake in Lucid Group in the first quarter valued at about $48,000. Finally, Teacher Retirement System of Texas acquired a new stake in Lucid Group in the first quarter worth about $422,000. Institutional investors 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.

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