Lucid Group (NASDAQ:LCID) Stock Price Down 1.2% – Should You Sell?

Lucid Group, Inc. (NASDAQ:LCID)’s share price fell 1.2% during trading on Wednesday . The stock traded as low as $9.70 and last traded at $9.80. 6,376,209 shares changed hands during trading, a decline of 19% from the average session volume of 7,854,346 shares. The stock had previously closed at $9.92.

Analyst Upgrades and Downgrades

Several research firms have issued reports on LCID. Royal Bank Of Canada lowered their target price on shares of Lucid Group from $20.00 to $14.00 and set a “sector perform” rating on the stock in a research note on Wednesday, January 14th. Zacks Research cut shares of Lucid Group from a “hold” rating to a “strong sell” rating in a report on Thursday, January 22nd. Cantor Fitzgerald restated an “overweight” rating on shares of Lucid Group in a report on Wednesday, November 19th. Stifel Nicolaus cut their target price on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a research report on Monday, November 17th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a report on Monday, December 29th. Two analysts have rated the stock with a Buy rating, five have issued a Hold rating and five have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and an average price target of $18.92.

Lucid Group Stock Performance

The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.34 and a current ratio of 1.81. The stock has a market cap of $3.18 billion, a P/E ratio of -0.92 and a beta of 1.16. The business’s 50-day moving average price is $11.04 and its 200-day moving average price is $16.32.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in LCID. Valeo Financial Advisors LLC increased its holdings in Lucid Group by 9.7% in the 2nd quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock worth $25,000 after acquiring an additional 1,055 shares in the last quarter. Concurrent Investment Advisors LLC bought a new position in shares of Lucid Group in the second quarter worth approximately $29,000. Kingsview Wealth Management LLC purchased a new stake in shares of Lucid Group in the second quarter worth $30,000. Brown Advisory Inc. raised its position in shares of Lucid Group by 47.5% during the 2nd quarter. Brown Advisory Inc. now owns 15,530 shares of the company’s stock valued at $33,000 after purchasing an additional 5,000 shares during the period. Finally, Keynote Financial Services LLC bought a new stake in shares of Lucid Group during the 2nd quarter valued at $35,000. 75.17% of the stock is currently owned by institutional investors.

Lucid Group Company Profile

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.