Lucid Group (NASDAQ:LCID) Stock Price Down 6.1% - Should You Sell?

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) traded down 6.1% during trading on Monday . The company traded as low as $2.35 and last traded at $2.38. 67,914,900 shares were traded during trading, an increase of 6% from the average session volume of 64,265,862 shares. The stock had previously closed at $2.53.

Analysts Set New Price Targets

LCID has been the subject of several recent analyst reports. Morgan Stanley upgraded shares of Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 price objective for the company in a report on Tuesday, March 18th. Bank of America cut 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 research report on Wednesday, February 26th. Cantor Fitzgerald restated a "neutral" rating and issued a $3.00 price objective on shares of Lucid Group in a report on Thursday, April 3rd. Stifel Nicolaus lowered their target price on Lucid Group from $3.50 to $3.00 and set a "hold" rating on the stock in a report on Thursday, February 27th. Finally, Robert W. Baird upped their price target on shares of Lucid Group from $2.00 to $3.00 and gave the company a "neutral" rating in a report on Monday, April 21st. Two 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. According to data from MarketBeat.com, Lucid Group currently has a consensus rating of "Hold" and an average price target of $2.68.

Lucid Group Stock Performance

The firm's fifty day simple moving average is $2.35 and its 200 day simple moving average is $2.55. The company has a market capitalization of $7.20 billion, a price-to-earnings ratio of -1.77 and a beta of 0.88. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of LCID. Sterling Investment Counsel LLC acquired a new stake in Lucid Group during the 1st quarter worth about $25,000. Grimes & Company Inc. purchased a new position in Lucid Group during the first quarter valued at approximately $27,000. Newbridge Financial Services Group Inc. purchased a new position in Lucid Group during the fourth quarter valued at approximately $28,000. Accredited Investors Inc. acquired a new position in Lucid Group in the 4th quarter valued at approximately $30,000. Finally, Proficio Capital Partners LLC purchased a new stake in Lucid Group in the 4th quarter worth approximately $31,000. Hedge funds and other 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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