Lucid Group (NASDAQ:LCID) Trading Down 2% - Should You Sell?

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) fell by 2% in trading on Tuesday, reaching a low of $1.99 before closing at $2.04. Throughout the day, approximately 45,715,866 shares were traded, which is 48% less than the average daily volume of 88,320,000 shares. The previous closing price for the stock was $2.08.

Wall Street Analysts Predict Future Trends

Lucid Group has recently been analyzed in several research reports. Notably, Bank of America has downgraded the company from a "neutral" rating to an "underperform" rating and adjusted their price target from $3.00 down to $1.00 on February 26th. Stifel Nicolaus also revised their price target on Lucid's shares, decreasing it from $3.50 to $3.00 while maintaining a "hold" rating in a report published on February 27th. Further, Cantor Fitzgerald reiterated a "neutral" rating, setting a target price of $3.00 on February 26th. Meanwhile, Needham & Company LLC reaffirmed a "hold" rating on the same date. Redburn Atlantic took a more pessimistic stance, downgrading Lucid Group from a "neutral" to a "sell" rating, cutting their price target from $3.50 to $1.13 in a report from February 24th. Currently, among the analysts, three have issued sell ratings, eight have a hold rating, and two suggest a buy rating. According to MarketBeat.com, the consensus rating for Lucid shares is "Hold," with an average price target set at $2.69.

Performance of Lucid Group Stock

The stock's fifty-day moving average stands at $2.83, while its two-hundred-day moving average is $2.90. Lucid Group has a market capitalization of $6.34 billion, a price-to-earnings ratio of -1.56, and a beta of 0.97. The company's quick ratio is 3.26, the current ratio is 3.71, and the debt-to-equity ratio is situated at 0.77.

Institutional Investments in Lucid Group

In the past quarter, significant changes in institutional investor positions with respect to Lucid Group have been observed. The Public Investment Fund increased its stake by 28.8%, now holding 1,770,888,684 shares valued at approximately $5.35 billion after acquiring an additional 396,188,386 shares recently. Vanguard Group Inc. raised its investment in Lucid Group by 31.1%, holding 110,318,727 shares worth approximately $333.16 million after purchasing 26,172,852 extra shares. Two Sigma Investments LP expanded its holdings by a staggering 4,320.7%, now owning 15,851,907 shares valued at nearly $47.87 million after adding 15,493,320 shares. Renaissance Technologies LLC also significantly boosted its position by 342.7%, currently holding 16,539,862 shares worth around $49.95 million after acquiring an additional 12,803,987 shares. Lastly, Two Sigma Advisers LP entered a new stake in Lucid worth approximately $34.12 million. Overall, institutional investors now own 75.17% of the company's total stock.

Overview of Lucid Group

Lucid Group, Inc. designs, engineers, manufactures, and sells electric vehicles (EVs), EV powertrains, and battery systems. Additionally, it develops proprietary software specifically for its vehicles. The company engages in selling vehicles directly to consumers via both a retail sales network and online channels, which includes Lucid Financial Services.

Should You Invest in Lucid Group Now?

Considering the current market analysis, it's essential to reflect before deciding to invest in Lucid Group. It is worth mentioning that, based on the latest recommendations from top analysts, Lucid Group is not listed among the most favorable stocks to buy at this time.

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