Lucid Group (NASDAQ:LCID) Shares Down 2.1% - Time to Sell?

Key Points

• Lucid Group's shares dropped 2.1% in trading, reaching a low of $2.14, with a significant decline in trading volume of 84% compared to the average.
• Recent price targets from analysts include a $3.00 price objective from Cantor Fitzgerald and a similar rating from Robert W. Baird, with an average consensus target price of $2.68.
• Lucid Group reported a net loss of ($0.28) earnings per share for the last quarter, falling short of analysts' expectations, along with a year-over-year revenue increase of 29.3% to $259.43 million.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price traded down 2.1% during trading on Tuesday . The company traded as low as $2.14 and last traded at $2.14. 19,017,931 shares were traded during trading, a decline of 84% from the average session volume of 116,097,781 shares. The stock had previously closed at $2.18.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on LCID shares. Cantor Fitzgerald reiterated a "neutral" rating and issued a $3.00 price objective on shares of Lucid Group in a research note on Wednesday, May 7th. Robert W. Baird raised their price objective on Lucid Group from $2.00 to $3.00 and gave the company a "neutral" rating in a research note on Monday, April 21st. Two investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $2.68.

Lucid Group Stock Performance

The firm has a fifty day simple moving average of $2.35 and a 200-day simple moving average of $2.45. The company has a current ratio of 2.58, a quick ratio of 2.11 and a debt-to-equity ratio of 0.92. The stock has a market cap of $6.56 billion, a price-to-earnings ratio of -1.85 and a beta of 0.79.

Lucid Group (NASDAQ:LCID - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The company reported ($0.28) earnings per share for the quarter, missing analysts' consensus estimates of ($0.22) by ($0.06). The company had revenue of $259.43 million during the quarter, compared to analyst estimates of $288.10 million. Lucid Group had a negative net margin of 259.57% and a negative return on equity of 79.40%. The business's revenue for the quarter was up 29.3% compared to the same quarter last year. During the same period last year, the company earned ($0.29) EPS. Analysts forecast that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Institutional Trading of Lucid Group

Several hedge funds have recently added to or reduced their stakes in LCID. LPL Financial LLC raised its stake in shares of Lucid Group by 15.8% in the 4th quarter. LPL Financial LLC now owns 293,090 shares of the company's stock valued at $885,000 after purchasing an additional 39,945 shares during the period. Envestnet Asset Management Inc. raised its stake in Lucid Group by 14.7% in the fourth quarter. Envestnet Asset Management Inc. now owns 54,619 shares of the company's stock valued at $165,000 after buying an additional 6,994 shares during the period. Raymond James Financial Inc. acquired a new stake in Lucid Group during the 4th quarter valued at $780,000. Sterling Capital Management LLC boosted its holdings in shares of Lucid Group by 75.1% during the fourth quarter. Sterling Capital Management LLC now owns 59,259 shares of the company's stock worth $179,000 after acquiring an additional 25,421 shares during the period. Finally, Rockefeller Capital Management L.P. boosted its holdings in shares of Lucid Group by 86.3% during the fourth quarter. Rockefeller Capital Management L.P. now owns 219,364 shares of the company's stock worth $662,000 after acquiring an additional 101,600 shares during the period. Institutional investors and hedge funds own 75.17% of the company's stock.

Lucid Group Company Profile

Lucid Group, Inc a technology company, designs, engineers, manufactures, and sells electric vehicles (EV), EV powertrains, and battery systems. It also designs and develops proprietary software in-house for Lucid vehicles. The company sells vehicles directly to consumers through its retail sales network and direct online sales, including Lucid Financial Services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.