Lucid Group (NASDAQ:LCID) Shares Down 5.3% - Should You Sell?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price dropped 5.3% during mid-day trading on Thursday . The stock traded as low as $2.03 and last traded at $2.05. Approximately 36,763,106 shares were traded during trading, a decline of 59% from the average daily volume of 89,518,844 shares. The stock had previously closed at $2.16.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on LCID shares. TD Cowen began coverage on Lucid Group in a report on Friday, March 7th. They issued a "hold" rating and a $2.30 price target on the stock. Morgan Stanley upgraded Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 target price on the stock in a research note on Tuesday. Royal Bank of Canada lowered their target price on shares of Lucid Group from $3.00 to $2.00 and set a "sector perform" rating for the company in a research note on Tuesday, November 19th. Needham & Company LLC reaffirmed a "hold" rating on shares of Lucid Group in a research note on Wednesday, February 26th. Finally, Cowen initiated coverage on shares of Lucid Group in a research report on Thursday, March 6th. They issued a "hold" rating for the company. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Lucid Group currently has an average rating of "Hold" and an average price target of $2.69.

Lucid Group Trading Up 8.8 %

The stock has a market capitalization of $7.12 billion, a P/E ratio of -1.75 and a beta of 0.97. The stock's 50 day moving average price is $2.72 and its 200-day moving average price is $2.83. The company has a quick ratio of 3.26, a current ratio of 3.71 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 the stock. Caprock Group LLC lifted its stake in shares of Lucid Group by 7.4% during the 3rd quarter. Caprock Group LLC now owns 189,961 shares of the company's stock worth $671,000 after purchasing an additional 13,159 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Lucid Group by 84.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company's stock valued at $17,991,000 after buying an additional 2,335,452 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Lucid Group by 2.5% during the third quarter. The Manufacturers Life Insurance Company now owns 263,401 shares of the company's stock valued at $930,000 after buying an additional 6,374 shares during the last quarter. FMR LLC boosted its holdings in shares of Lucid Group by 47.5% in the 3rd quarter. FMR LLC now owns 149,987 shares of the company's stock valued at $529,000 after buying an additional 48,304 shares in the last quarter. Finally, Townsquare Capital LLC purchased a new position in shares of Lucid Group in the 3rd quarter worth approximately $75,000. 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.