Lucid Group (NASDAQ:LCID) Hits New 1-Year Low – Should You Sell?

Shares of Lucid Group, Inc. (NASDAQ:LCID) hit a new 52-week low during trading on Wednesday . The stock traded as low as $12.37 and last traded at $12.97, with a volume of 10322785 shares traded. The stock had previously closed at $12.91.

Analyst Upgrades and Downgrades

LCID has been the topic of a number of recent analyst reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a research note on Wednesday. Stifel Nicolaus dropped their price objective on Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a report on Monday. Cantor Fitzgerald reiterated an “overweight” rating on shares of Lucid Group in a report on Wednesday. Finally, Morgan Stanley boosted their price target on Lucid Group to $30.00 and gave the company an “equal weight” rating in a research report on Tuesday, September 2nd. Two investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus price target of $24.04.

Lucid Group Price Performance

The company has a debt-to-equity ratio of 1.19, a current ratio of 1.81 and a quick ratio of 1.34. The company has a market cap of $3.80 billion, a PE ratio of -1.10 and a beta of 0.80. The company has a 50-day moving average price of $19.47 and a two-hundred day moving average price of $21.89.

Lucid Group (NASDAQ:LCID) last announced its earnings results on Wednesday, November 5th. The company reported ($2.65) EPS for the quarter, missing the consensus estimate of ($2.32) by ($0.33). The company had revenue of $336.58 million for the quarter, compared to analysts’ expectations of $378.44 million. Lucid Group had a negative net margin of 224.99% and a negative return on equity of 85.13%. The business’s quarterly revenue was up 68.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($2.76) earnings per share. Sell-side analysts expect that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. HB Wealth Management LLC acquired a new stake in Lucid Group during the 1st quarter valued at $25,000. Cigna Investments Inc. New acquired a new stake in shares of Lucid Group during the second quarter valued at about $25,000. Valeo Financial Advisors LLC grew its stake in shares of 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 acquiring an additional 1,055 shares in the last quarter. Tyche Wealth Partners LLC purchased a new stake in shares of Lucid Group during the second quarter worth about $26,000. Finally, Integrity Alliance LLC. acquired a new position in shares of Lucid Group in the first quarter worth about $27,000. 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.