Lucid Group (NASDAQ:LCID) Stock Price Down 7.2% – Should You Sell?

Lucid Group, Inc. (NASDAQ:LCID) shares were down 7.2% during trading on Tuesday . The stock traded as low as $5.73 and last traded at $5.77. 8,160,136 shares were traded during trading, a decline of 41% from the average session volume of 13,841,574 shares. The stock had previously closed at $6.22.

Analysts Set New Price Targets

A number of research firms have recently commented on LCID. Benchmark downgraded shares of Lucid Group from a “buy” rating to a “hold” rating in a research note on Wednesday, May 6th. TD Cowen reduced their price target on Lucid Group from $10.00 to $7.00 and set a “hold” rating for the company in a research report on Wednesday, May 6th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a research report on Wednesday, June 24th. Evercore set a $6.00 price objective on Lucid Group in a research note on Monday, May 11th. Finally, William Blair cut shares of Lucid Group to a “market perform” rating in a research note on Monday, August 3rd. One research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $9.56.

Lucid Group Stock Down 7.2%

The stock has a market cap of $2.27 billion, a P/E ratio of -0.42 and a beta of 0.83. The firm has a 50 day simple moving average of $6.23 and a 200-day simple moving average of $7.68. The company has a quick ratio of 0.57, a current ratio of 1.14 and a debt-to-equity ratio of 3.00.

Lucid Group (NASDAQ:LCID) last issued its earnings results on Tuesday, August 4th. The company reported ($2.78) EPS for the quarter, missing the consensus estimate 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 business 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 posted ($0.24) earnings per share. The business’s revenue was up 56.2% compared to the same quarter last year. On average, equities research analysts forecast that Lucid Group, Inc. will post -12.15 earnings per share for the current fiscal year.

Institutional Trading of Lucid Group

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp bought a new position in Lucid Group in the 2nd quarter valued at about $3,125,000. Handelsbanken Fonder AB grew its position in shares of Lucid Group by 81.9% in the second quarter. Handelsbanken Fonder AB now owns 73,729 shares of the company’s stock valued at $493,000 after purchasing an additional 33,200 shares during the last quarter. CX Institutional lifted its holdings in Lucid Group by 69.6% during the 2nd quarter. CX Institutional now owns 13,207 shares of the company’s stock worth $88,000 after purchasing an additional 5,422 shares during the last quarter. Verus Capital Partners LLC bought a new stake in Lucid Group in the 1st quarter valued at $108,000. Finally, Essential Partners LLC acquired a new position in Lucid Group in the 1st quarter valued at $126,000. Institutional investors own 75.17% of the company’s stock.

Lucid Group Company Profile

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.