Lucid Group (NASDAQ:LCID) Stock Falls 3.4% – Should You Sell?

Lucid Group, Inc. (NASDAQ:LCID) shares dropped 3.4% during mid-day trading on Monday. The company traded as low as $3.38 and last traded at $3.40. Approximately 6,991,733 shares traded hands during mid-day trading, a decline of 47% from the average session volume of 13,277,306 shares. The stock had previously closed at $3.52.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Morgan Stanley reduced their target price on Lucid Group from $5.00 to $3.00 and set an “underweight” rating for the company in a research note on Thursday, October 15th. Citigroup dropped their price target on Lucid Group from $14.00 to $11.00 and set a “buy” rating on the stock in a research note on Wednesday, August 19th. UBS Group restated a “hold” rating on shares of Lucid Group in a research note on Tuesday, October 6th. William Blair downgraded Lucid Group to a “market perform” rating in a report on Monday, August 3rd. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Lucid Group in a research report on Monday, October 12th. One equities research analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, Lucid Group currently has an average rating of “Reduce” and an average target price of $8.67.

Lucid Group Price Performance

The company’s 50-day simple moving average is $4.22 and its 200-day simple moving average is $7.03. The stock has a market capitalization of $1.34 billion, a price-to-earnings ratio of -0.25 and a beta of 1.00.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LCID. Bank of New York Mellon Corp acquired a new stake in shares of Lucid Group during the second quarter worth $3,125,000. Headlands Technologies LLC bought a new stake in shares of Lucid Group in the second quarter valued at about $1,368,000. Lazard Asset Management LLC grew its stake in shares of Lucid Group by 192.6% in the first quarter. Lazard Asset Management LLC now owns 304,737 shares of the company’s stock valued at $2,904,000 after acquiring an additional 200,604 shares in the last quarter. Bank of America Corp DE grew its stake in shares of Lucid Group by 10.9% in the first quarter. Bank of America Corp DE now owns 1,919,073 shares of the company’s stock valued at $18,289,000 after acquiring an additional 189,134 shares in the last quarter. Finally, Quantinno Capital Management LP grew its stake in shares of Lucid Group by 246.0% in the first quarter. Quantinno Capital Management LP now owns 202,651 shares of the company’s stock valued at $1,931,000 after acquiring an additional 144,089 shares in the last quarter. 75.17% of the stock is owned by institutional investors and hedge funds.

Lucid Group Company Profile

Lucid Group, Inc is an electric vehicle and technology company headquartered in Newark, California. Through its Lucid Motors subsidiary, the company designs, engineers, and manufactures premium electric vehicles, with an emphasis on range, energy efficiency, performance, and advanced in-car technology.

Lucid’s vehicle lineup includes the Lucid Air luxury electric sedan and the Lucid Gravity electric SUV. The company also develops electric powertrains, battery systems, software, and other technologies for its vehicles.