Lucid Group (NASDAQ:LCID) Shares Down 2.1% - Should You Sell?

Key Points

• Lucid shares fell 2.1% to $5.51, below both their 50-day moving average of $6.27 and 200-day moving average of $7.57, on trading volume well below average.
• Analyst sentiment is cautious: LCID has an average “Reduce” rating, with one Buy, eight Holds and three Sells, and a consensus price target of $9.22. Recent firms downgraded or lowered their price targets, including TD Cowen to $7.
• Lucid reported a quarterly loss of $2.78 per share, worse than the expected $2.36 loss, despite revenue rising 56.2% year over year to $405.35 million; analysts expect a full-year loss of $12.15 per share.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) traded down 2.1% on Friday . The company traded as low as $5.48 and last traded at $5.51. Approximately 6,553,332 shares traded hands during trading, a decline of 52% from the average daily volume of 13,785,244 shares. The stock had previously closed at $5.63.

Analyst Upgrades and Downgrades

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

Lucid Group Stock Down 2.1%

The company has a quick ratio of 0.57, a current ratio of 1.14 and a debt-to-equity ratio of 3.00. The firm has a market capitalization of $2.17 billion, a price-to-earnings ratio of -0.40 and a beta of 0.83. The stock has a 50 day moving average of $6.27 and a 200 day moving average of $7.57.

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

Institutional Investors Weigh In On Lucid Group

Institutional investors and hedge funds have recently made changes to their positions in the company. EverSource Wealth Advisors LLC boosted its holdings in Lucid Group by 1,574.7% in 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. Leonteq Securities AG bought a new stake in Lucid Group during the fourth quarter valued at $67,000. Nykredit A S acquired a new stake in shares of Lucid Group during the second quarter worth $47,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Lucid Group during the fourth quarter worth $77,000. Finally, Eurizon Capital SGR S.p.A. bought a new position in shares of Lucid Group in the 4th quarter worth about $86,000. 75.17% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source