Lucid Group (NASDAQ:LCID) Stock Price Down 1.6% – Time to Sell?

Shares of Lucid Group, Inc. (NASDAQ:LCID) traded down 1.6% during trading on Tuesday . The company traded as low as $2.69 and last traded at $2.73. 13,972,255 shares were traded during trading, a decline of 82% from the average session volume of 76,731,984 shares. The stock had previously closed at $2.77.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Cantor Fitzgerald reissued a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a research note on Tuesday, January 7th. Cfra set a $2.00 price target on Lucid Group in a research report on Thursday, October 17th. R. F. Lafferty upgraded shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 price objective on the stock in a research report on Monday, November 11th. Royal Bank of Canada dropped 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 report on Tuesday, November 19th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $3.04.

Lucid Group Stock Down 2.7 %

The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The firm has a market cap of $8.12 billion, a price-to-earnings ratio of -2.01 and a beta of 0.93. The firm has a fifty day moving average price of $2.84 and a 200-day moving average price of $2.98.

Institutional Investors Weigh In On Lucid Group

A number of institutional investors have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. increased its holdings in shares of Lucid Group by 29.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,595,701 shares of the company’s stock worth $19,919,000 after buying an additional 1,499,034 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Lucid Group by 3.0% during the fourth quarter. Bank of New York Mellon Corp now owns 2,958,566 shares of the company’s stock worth $8,935,000 after acquiring an additional 85,370 shares during the last quarter. Swiss National Bank raised its holdings in shares of Lucid Group by 2.1% in the 4th quarter. Swiss National Bank now owns 1,839,000 shares of the company’s stock worth $5,554,000 after purchasing an additional 37,500 shares during the period. Van ECK Associates Corp lifted its stake in shares of Lucid Group by 103.3% in the 4th quarter. Van ECK Associates Corp now owns 1,246,461 shares of the company’s stock valued at $3,764,000 after purchasing an additional 633,410 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D increased its position in shares of Lucid Group by 114.7% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 999,601 shares of the company’s stock worth $3,019,000 after acquiring an additional 533,973 shares in the last quarter. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

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.