Lucid Group (NASDAQ:LCID) Stock Price Down 6.2% – Should You Sell?

Shares of Lucid Group, Inc. (NASDAQ:LCID) were down 6.2% during trading on Tuesday . The company traded as low as $4.53 and last traded at $4.55. Approximately 11,628,350 shares were traded during mid-day trading, a decline of 16% from the average daily volume of 13,801,656 shares. The stock had previously closed at $4.85.

Analyst Ratings Changes

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

Lucid Group Trading Down 6.2%

The company has a current ratio of 1.14, a quick ratio of 0.57 and a debt-to-equity ratio of 3.00. The company has a market capitalization of $1.79 billion, a P/E ratio of -0.33 and a beta of 0.83. The business has a 50 day moving average price of $6.26 and a 200 day moving average price of $7.30.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($2.78) earnings per share 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 period in the prior year, the business earned ($0.24) earnings per share. The company’s revenue for the quarter was up 56.2% compared to the same quarter last year. Analysts anticipate that Lucid Group, Inc. will post -12.15 EPS for the current year.

Institutional Trading of Lucid Group

Institutional investors have recently modified their holdings of the company. Bank of America Corp DE raised its position in Lucid Group by 10.9% in the 1st quarter. Bank of America Corp DE now owns 1,919,073 shares of the company’s stock valued at $18,289,000 after buying an additional 189,134 shares during the last quarter. Lazard Asset Management LLC boosted its position in Lucid Group by 192.6% during the 1st quarter. Lazard Asset Management LLC now owns 304,737 shares of the company’s stock worth $2,904,000 after acquiring an additional 200,604 shares during the last quarter. Vanguard Group Inc. boosted its position in Lucid Group by 6.2% during the 4th quarter. Vanguard Group Inc. now owns 12,061,286 shares of the company’s stock worth $127,488,000 after acquiring an additional 701,826 shares during the last quarter. Virtu Financial LLC acquired a new position in Lucid Group during the 4th quarter worth approximately $1,355,000. Finally, Edgestream Partners L.P. bought a new position in shares of Lucid Group during the 1st quarter worth approximately $976,000. 75.17% of the stock is currently owned by institutional investors.

About Lucid Group

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.