Lucid Group (NASDAQ:LCID) Trading Down 2.1% – Should You Sell?

Lucid Group, Inc. (NASDAQ:LCID) shares dropped 2.1% on Friday . The stock traded as low as $5.48 and last traded at $5.51. Approximately 6,553,332 shares traded hands during trading, a decline of 52% from the average daily volume of 13,785,244 shares. The stock had previously closed at $5.63.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. TD Cowen cut their target price on shares of Lucid Group from $10.00 to $7.00 and set a “hold” rating on the stock in a report on Wednesday, May 6th. Robert W. Baird set a $6.00 target price on Lucid Group in a report on Wednesday, May 6th. Evercore set a $6.00 price target on Lucid Group in a research report on Monday, May 11th. William Blair downgraded Lucid Group to a “market perform” rating in a report on Monday, August 3rd. Finally, Morgan Stanley set a $5.00 price target on Lucid Group in a report on Wednesday, May 6th. One investment analyst has rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, Lucid Group presently has an average rating of “Reduce” and a consensus target price of $9.22.

Lucid Group Stock Down 2.1%

The company has a quick ratio of 0.57, a current ratio of 1.14 and a debt-to-equity ratio of 3.00. The firm’s 50-day moving average price is $6.27 and its 200 day moving average price is $7.57. The firm has a market cap of $2.17 billion, a P/E ratio of -0.40 and a beta of 0.83.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings data on Tuesday, August 4th. The company reported ($2.78) earnings per share for the quarter, missing the consensus estimate of ($2.36) by ($0.42). The firm had revenue of $405.35 million during the quarter, compared to the consensus estimate of $381.59 million. Lucid Group had a negative net margin of 249.21% and a negative return on equity of 1,391.51%. The company’s revenue for the quarter was up 56.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.24) earnings per share. As a group, research analysts expect that Lucid Group, Inc. will post -12.15 earnings per share for the current year.

Institutional Investors Weigh In On Lucid Group

Several large investors have recently made changes to their positions in the company. EverSource Wealth Advisors LLC raised its holdings in shares of Lucid Group by 1,574.7% during the first quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company’s stock valued at $28,000 after buying an additional 2,740 shares during the last quarter. Brown Advisory Inc. grew its holdings in Lucid Group by 47.5% in the 2nd quarter. Brown Advisory Inc. now owns 15,530 shares of the company’s stock worth $33,000 after buying an additional 5,000 shares in the last quarter. Jump Financial LLC acquired a new stake in Lucid Group in the 2nd quarter valued at approximately $41,000. Nykredit A S acquired a new stake in Lucid Group in the 2nd quarter valued at approximately $47,000. Finally, Worldquant Millennium Advisors LLC bought a new stake in Lucid Group during the 2nd quarter valued at $59,000. Institutional investors and hedge funds 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.