Lucid Group (NASDAQ:LCID) Shares Down 2.5% - Should You Sell?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) dropped 2.5% on Wednesday . The stock traded as low as $2.84 and last traded at $2.89. Approximately 53,700,952 shares changed hands during trading, a decline of 22% from the average daily volume of 68,988,062 shares. The stock had previously closed at $2.96.

Analyst Upgrades and Downgrades

A number of research firms have commented on LCID. Robert W. Baird boosted their target price on Lucid Group from $2.00 to $3.00 and gave the stock a "neutral" rating in a research report on Monday, April 21st. Morgan Stanley raised shares of Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 price target on the stock in a research note on Tuesday, March 18th. Cowen began coverage on shares of Lucid Group in a research note on Thursday, March 6th. They issued a "hold" rating for the company. TD Cowen started coverage on Lucid Group in a research report on Friday, March 7th. They issued a "hold" rating and a $2.30 target price on the stock. Finally, Redburn Atlantic cut Lucid Group from a "neutral" rating to a "sell" rating and decreased their target price for the company from $3.50 to $1.13 in a research report on Monday, February 24th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $2.68.

Lucid Group Stock Performance

The stock has a 50-day moving average price of $2.45 and a 200-day moving average price of $2.56. The company has a market capitalization of $8.56 billion, a price-to-earnings ratio of -2.09 and a beta of 0.88. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26.

Lucid Group (NASDAQ:LCID - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.01). The business had revenue of $235.05 million for the quarter, compared to analyst estimates of $250.50 million. Lucid Group had a negative return on equity of 74.67% and a negative net margin of 406.63%. The company's revenue for the quarter was up 36.1% on a year-over-year basis. During the same period in the prior year, the business earned ($0.27) EPS. As a group, analysts forecast that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Hedge Funds Weigh In On Lucid Group

A number of large investors have recently bought and sold shares of LCID. Wedge Capital Management L L P NC purchased a new stake in shares of Lucid Group during the 4th quarter valued at approximately $33,000. Nisa Investment Advisors LLC raised its stake in shares of Lucid Group by 4,301.7% in the 4th quarter. Nisa Investment Advisors LLC now owns 255,300 shares of the company's stock valued at $771,000 after acquiring an additional 249,500 shares during the period. SG Americas Securities LLC lifted its position in shares of Lucid Group by 3.4% in the 4th quarter. SG Americas Securities LLC now owns 157,160 shares of the company's stock worth $475,000 after buying an additional 5,121 shares during the last quarter. Atlas Private Wealth Advisors bought a new stake in shares of Lucid Group during the 4th quarter worth about $35,000. Finally, Geneos Wealth Management Inc. raised its position in shares of Lucid Group by 55.4% during the fourth quarter. Geneos Wealth Management Inc. now owns 19,849 shares of the company's stock worth $60,000 after purchasing an additional 7,080 shares during the period. Institutional investors 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.

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