Lucid Group (NASDAQ:LCID) Stock Price Down 12.5% – Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID)’s share price fell 12.5% during trading on Wednesday . The stock traded as low as $2.30 and last traded at $2.29. 67,993,200 shares were traded during trading, a decline of 17% from the average session volume of 82,116,242 shares. The stock had previously closed at $2.61.

Analyst Upgrades and Downgrades

Several research firms have issued reports on LCID. Cantor Fitzgerald reiterated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research note on Wednesday. Needham & Company LLC reaffirmed a “hold” rating on shares of Lucid Group in a report on Wednesday. Redburn Atlantic cut Lucid Group from a “neutral” rating to a “sell” rating and dropped their price target for the company from $3.50 to $1.13 in a report on Monday. Royal Bank of Canada lowered their target price on 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. Finally, R. F. Lafferty raised shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price for the company in a research note on Monday, November 11th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $2.73.

Lucid Group Stock Performance

The company’s 50-day moving average is $2.99 and its two-hundred day moving average is $2.97. The firm has a market cap of $6.91 billion, a P/E ratio of -1.71 and a beta of 0.93. 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 Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Public Investment Fund grew its position in shares of Lucid Group by 28.8% in the 4th quarter. Public Investment Fund now owns 1,770,888,684 shares of the company’s stock worth $5,348,084,000 after buying an additional 396,188,386 shares during the period. Vanguard Group Inc. grew its position in Lucid Group by 31.1% in the 4th quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company’s stock worth $333,163,000 after purchasing an additional 26,172,852 shares during the period. Geode Capital Management LLC lifted its holdings in Lucid Group by 31.4% in the fourth quarter. Geode Capital Management LLC now owns 20,263,309 shares of the company’s stock valued at $61,214,000 after acquiring an additional 4,844,782 shares during the period. Renaissance Technologies LLC grew its holdings in Lucid Group by 342.7% during the fourth quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company’s stock valued at $49,950,000 after purchasing an additional 12,803,987 shares during the period. Finally, Two Sigma Investments LP lifted its stake in shares of Lucid Group by 4,320.7% during the 4th quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company’s stock valued at $47,873,000 after buying an additional 15,493,320 shares in the last quarter. 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.