Lucid Group (NASDAQ:LCID) Trading Down 2.3% – Should You Sell?

Shares of Lucid Group, Inc. (NASDAQ:LCID) dropped 2.3% on Thursday . The stock traded as low as $4.57 and last traded at $4.60. Approximately 11,106,868 shares traded hands during mid-day trading, a decline of 19% from the average daily volume of 13,759,554 shares. The stock had previously closed at $4.71.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on LCID. TD Cowen cut their target price on Lucid Group from $10.00 to $7.00 and set a “hold” rating on the stock in a research report on Wednesday, May 6th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a report on Wednesday, June 24th. Benchmark lowered Lucid Group from a “buy” rating to a “hold” rating in a research note on Wednesday, May 6th. Robert W. Baird set a $6.00 price target on Lucid Group in a research note on Wednesday, May 6th. Finally, William Blair cut Lucid Group to a “market perform” rating in a report on Monday, August 3rd. One analyst has rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and an average price target of $9.22.

Lucid Group Trading Down 2.3%

The firm’s 50 day simple moving average is $6.24 and its two-hundred day simple moving average is $7.23. The stock has a market capitalization of $1.81 billion, a P/E ratio of -0.34 and a beta of 0.81. 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 released 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 company had revenue of $405.35 million for the quarter, compared to the consensus estimate of $381.59 million. During the same period last year, the company earned ($0.24) EPS. Lucid Group’s revenue for the quarter was up 56.2% compared to the same quarter last year. As a group, analysts forecast that Lucid Group, Inc. will post -12.15 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds have recently added to or reduced their stakes in LCID. EverSource Wealth Advisors LLC raised its position in shares of Lucid Group by 1,574.7% during the first quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company’s stock worth $28,000 after purchasing an additional 2,740 shares during the period. Brown Advisory Inc. lifted its holdings in shares of Lucid Group by 47.5% in the 2nd quarter. Brown Advisory Inc. now owns 15,530 shares of the company’s stock worth $33,000 after purchasing an additional 5,000 shares in the last quarter. Jump Financial LLC acquired a new stake in Lucid Group in the 2nd quarter valued at $41,000. Nykredit A S acquired a new stake in Lucid Group in the 2nd quarter valued at $47,000. Finally, Worldquant Millennium Advisors LLC acquired a new stake in Lucid Group in the 2nd quarter valued at $59,000. Institutional investors and hedge funds 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.