Lucid Group (NASDAQ:LCID) Trading Down 1.3% – Should You Sell?

Lucid Group, Inc. (NASDAQ:LCID) shares dropped 1.3% during trading on Thursday . The stock traded as low as $9.81 and last traded at $9.92. Approximately 5,564,140 shares changed hands during mid-day trading, a decline of 31% from the average daily volume of 8,042,469 shares. The stock had previously closed at $10.05.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Zacks Research downgraded shares of Lucid Group from a “hold” rating to a “strong sell” rating in a report on Thursday, January 22nd. Cantor Fitzgerald reiterated an “overweight” rating on shares of Lucid Group in a research note on Wednesday, November 19th. Robert W. Baird set a $14.00 price objective on shares of Lucid Group in a research report on Tuesday, January 6th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a report on Monday, December 29th. Finally, Stifel Nicolaus cut their price target on Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a report on Monday, November 17th. Two equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and five have issued a Sell rating to the stock. According to data from MarketBeat.com, Lucid Group has a consensus rating of “Reduce” and an average target price of $18.92.

Lucid Group Trading Down 1.3%

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 fifty day moving average of $11.29 and a 200 day moving average of $16.82. The company has a market capitalization of $3.22 billion, a PE ratio of -0.93 and a beta of 1.16.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Valeo Financial Advisors LLC boosted its stake in Lucid Group by 9.7% during the second quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock valued at $25,000 after buying an additional 1,055 shares during the last quarter. Concurrent Investment Advisors LLC bought a new stake in shares of Lucid Group in the 2nd quarter worth about $29,000. Kingsview Wealth Management LLC purchased a new stake in shares of Lucid Group during the 2nd quarter valued at about $30,000. Cypress Wealth Services LLC bought a new position in shares of Lucid Group in the 2nd quarter valued at about $32,000. Finally, Brown Advisory Inc. grew its position in Lucid Group by 47.5% in the second quarter. Brown Advisory Inc. now owns 15,530 shares of the company’s stock worth $33,000 after acquiring an additional 5,000 shares in the last quarter. Hedge funds and other institutional investors own 75.17% of the company’s stock.

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.