Lucid Group (NASDAQ:LCID) Trading Down 6.1% – Should You Sell?

Shares of Lucid Group, Inc. (NASDAQ:LCID) traded down 6.1% on Monday . The stock traded as low as $6.46 and last traded at $6.61. 7,798,770 shares were traded during trading, a decline of 45% from the average session volume of 14,158,924 shares. The stock had previously closed at $7.04.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Morgan Stanley set a $5.00 price target on shares of Lucid Group in a research report on Wednesday, May 6th. William Blair cut shares of Lucid Group to a “market perform” rating in a research report on Monday, August 3rd. Citigroup reiterated a “buy” rating and issued a $14.00 target price (down from $17.00) on shares of Lucid Group in a report on Friday, May 15th. Robert W. Baird set a $6.00 target price on shares of Lucid Group in a report on Wednesday, May 6th. Finally, Royal Bank Of Canada reissued a “sector perform” rating and issued a $7.00 target price (down from $8.00) on shares of Lucid Group in a research report on Monday, July 13th. One research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Reduce” and an average target price of $9.56.

Lucid Group Stock Performance

The company has a market capitalization of $2.54 billion, a price-to-earnings ratio of -0.47 and a beta of 0.83. The company has a debt-to-equity ratio of 3.00, a quick ratio of 0.57 and a current ratio of 1.14. The firm has a 50-day simple moving average of $6.15 and a two-hundred day simple moving average of $7.82.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Royal Bank of Canada lifted its holdings in Lucid Group by 9.5% during the 1st quarter. Royal Bank of Canada now owns 110,716 shares of the company’s stock worth $267,000 after buying an additional 9,578 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Lucid Group by 89.9% during the first quarter. AQR Capital Management LLC now owns 537,801 shares of the company’s stock worth $1,226,000 after acquiring an additional 254,551 shares during the period. NewEdge Advisors LLC increased its position in shares of Lucid Group by 103.2% during the first quarter. NewEdge Advisors LLC now owns 37,987 shares of the company’s stock worth $92,000 after acquiring an additional 19,294 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of Lucid Group by 112.0% in the first quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock valued at $13,166,000 after acquiring an additional 2,874,603 shares in the last quarter. Finally, Empowered Funds LLC raised its stake in shares of Lucid Group by 11.3% in the first quarter. Empowered Funds LLC now owns 110,844 shares of the company’s stock valued at $268,000 after acquiring an additional 11,252 shares in 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.