Lucid Group (NASDAQ:LCID) Stock Price Down 1.8% – Should You Sell?

Lucid Group, Inc. (NASDAQ:LCID)’s share price dropped 1.8% on Thursday. The company traded as low as $3.72 and last traded at $3.82. 12,163,010 shares changed hands during trading, a decline of 9% from the average session volume of 13,388,135 shares. The stock had previously closed at $3.89.

Analysts Set New Price Targets

A number of brokerages recently weighed in on LCID. Zacks Research upgraded Lucid Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 18th. UBS Group reaffirmed a “hold” rating on shares of Lucid Group in a research report on Tuesday. Cantor Fitzgerald reissued a “neutral” rating on shares of Lucid Group in a research report on Monday, September 21st. William Blair downgraded Lucid Group to a “market perform” rating in a research report on Monday, August 3rd. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a research note on Monday, September 21st. One research analyst has rated the stock with a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, Lucid Group currently has an average rating of “Reduce” and a consensus target price of $9.22.

Lucid Group Stock Performance

The stock has a 50 day moving average of $5.01 and a 200-day moving average of $6.14. The company has a market cap of $1.49 billion, a PE ratio of -0.28 and a beta of 1.00.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings results 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 for the quarter, compared to analysts’ expectations 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 firm’s revenue for the quarter was up 56.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.24) EPS. Equities research analysts forecast that Lucid Group, Inc. will post -12.15 EPS for the current year.

Institutional Investors Weigh In On Lucid Group

A number of large investors have recently bought and sold shares of the company. HBK Investments L P lifted its stake in Lucid Group by 217.9% during the 2nd quarter. HBK Investments L P now owns 33,070 shares of the company’s stock valued at $221,000 after acquiring an additional 22,667 shares during the period. Tidal Investments LLC increased its stake in shares of Lucid Group by 34.6% in the second quarter. Tidal Investments LLC now owns 32,446 shares of the company’s stock worth $217,000 after acquiring an additional 8,347 shares during the period. Engineers Gate Manager LP purchased a new position in shares of Lucid Group during the second quarter worth $694,000. Integrated Wealth Concepts LLC purchased a new position in shares of Lucid Group during the second quarter worth $129,000. Finally, IFP Advisors Inc lifted its position in Lucid Group by 1,231.3% during the second quarter. IFP Advisors Inc now owns 3,781 shares of the company’s stock valued at $25,000 after purchasing an additional 3,497 shares during the period. Hedge funds and other institutional investors own 75.17% of the company’s stock.

About Lucid Group

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

Lucid’s product lineup includes the Lucid Air, a premium electric sedan, and the Lucid Gravity, an electric SUV. The company also develops electric powertrain systems, battery technology and related vehicle software.