Lucid Group (NASDAQ:LCID) Stock Price Down 5.1% - Should You Sell?

Key Points

• Shares of Lucid were down 5.1% to $5.93 on Monday, with heavy volume of 22.39 million shares traded (about 119% above the average), after a prior close of $6.25.
• Analyst sentiment has softened—MarketBeat shows an average rating of "Reduce" and an average price target of $12.25, with several firms cutting targets (notable recent downgrades and target reductions across firms).
• Fundamentals and technicals indicate pressure: market cap $1.94 billion, negative P/E (-0.49), high leverage (debt-to-equity 3.00), and the stock is trading well below its 50-day ($9.38) and 200-day ($12.11) moving averages.

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) fell 5.1% during mid-day trading on Monday . The stock traded as low as $5.93 and last traded at $5.93. 22,390,266 shares changed hands during mid-day trading, an increase of 119% from the average session volume of 10,208,395 shares. The stock had previously closed at $6.25.

Wall Street Analyst Weigh In

Several research firms recently issued reports on LCID. 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 note on Wednesday, April 15th. Citigroup began coverage on Lucid Group in a research report on Wednesday, March 18th. They issued a "buy" rating and a $17.00 price target for the company. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Lucid Group in a research report on Friday, March 27th. Royal Bank Of Canada reduced their price target on Lucid Group from $10.00 to $8.00 and set a "sector perform" rating for the company in a research report on Monday, April 13th. Finally, TD Cowen reaffirmed a "hold" rating and issued a $10.00 price target (down from $19.00) on shares of Lucid Group in a research report on Wednesday, April 15th. Two equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, Lucid Group presently has an average rating of "Reduce" and an average price target of $12.25.

Lucid Group Stock Down 5.1%

The business has a 50-day simple moving average of $9.38 and a two-hundred day simple moving average of $12.11. The company has a market cap of $1.94 billion, a price-to-earnings ratio of -0.49 and a beta of 1.16. The company has a quick ratio of 0.83, a current ratio of 1.25 and a debt-to-equity ratio of 3.00.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Jain Global LLC raised its position in shares of Lucid Group by 13.3% during the fourth quarter. Jain Global LLC now owns 10,220 shares of the company's stock valued at $108,000 after buying an additional 1,200 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Lucid Group by 3.7% during the fourth quarter. The Manufacturers Life Insurance Company now owns 37,146 shares of the company's stock valued at $393,000 after buying an additional 1,336 shares during the last quarter. Mercer Global Advisors Inc. ADV raised its position in shares of Lucid Group by 11.8% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 13,590 shares of the company's stock valued at $144,000 after buying an additional 1,430 shares during the last quarter. SBI Securities Co. Ltd. raised its position in shares of Lucid Group by 9.6% during the fourth quarter. SBI Securities Co. Ltd. now owns 17,970 shares of the company's stock valued at $190,000 after buying an additional 1,569 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH raised its position in shares of Lucid Group by 16.0% during the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 11,645 shares of the company's stock valued at $123,000 after buying an additional 1,604 shares during the last quarter. Institutional investors and hedge funds 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.

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