Lucid Group (NASDAQ:LCID) Shares Down 3.9% – Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID)’s share price dropped 3.9% on Wednesday . The company traded as low as $12.37 and last traded at $12.47. Approximately 6,497,906 shares changed hands during mid-day trading, a decline of 43% from the average daily volume of 11,342,961 shares. The stock had previously closed at $12.97.

Analysts Set New Price Targets

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

Lucid Group Trading Up 4.9%

The business’s 50-day simple moving average is $19.33 and its two-hundred day simple moving average is $21.80. The company has a current ratio of 1.81, a quick ratio of 1.34 and a debt-to-equity ratio of 1.19. The company has a market capitalization of $3.99 billion, a PE ratio of -1.15 and a beta of 0.80.

Lucid Group (NASDAQ:LCID) last released its quarterly 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 business had revenue of $336.58 million during the quarter, compared to analyst estimates of $378.44 million. Lucid Group had a negative return on equity of 85.13% and a negative net margin of 224.99%.The company’s revenue was up 68.3% compared to the same quarter last year. During the same quarter last year, the firm posted ($2.76) EPS. On average, analysts predict that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Institutional Trading of Lucid Group

A number of hedge funds have recently made changes to their positions in LCID. Uber Technologies Inc acquired a new stake in Lucid Group in the third quarter valued at $326,283,000. Marshall Wace LLP increased its position in shares of Lucid Group by 2,398.5% in the 2nd quarter. Marshall Wace LLP now owns 12,652,537 shares of the company’s stock worth $26,697,000 after purchasing an additional 12,146,136 shares during the last quarter. Norges Bank acquired a new stake in shares of Lucid Group in the 2nd quarter valued at about $16,469,000. Linden Advisors LP acquired a new stake in shares of Lucid Group in the 2nd quarter valued at about $9,885,000. Finally, Marex Group plc bought a new position in shares of Lucid Group during the second quarter worth about $7,613,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

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.