Lucid Group (NASDAQ:LCID) Shares Down 2.5% - Time to Sell?

Key Points

• Lucid Group's stock price fell 2.5% during mid-day trading, reaching a low of $2.90 and trading volume declined by 81% compared to its average.
• Several analysts have given Lucid Group a "Hold" rating with an average target price of $2.68, while some maintain a fight for a neutral rating after raising it to $3.00.
• The company reported a $0.24 loss per share, missing the consensus estimate, and its quarterly revenue was 36.1% higher than last year but below expectations.
• Institutional investors hold 75.17% of Lucid Group's stock, with notable changes in positions from firms like Vanguard and Vontobel.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price dropped 2.5% during mid-day trading on Friday . The company traded as low as $2.90 and last traded at $2.92. Approximately 22,690,864 shares changed hands during trading, a decline of 81% from the average daily volume of 120,365,695 shares. The stock had previously closed at $2.99.

Analyst Ratings Changes

LCID has been the topic of a number of research reports. 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 increased their target price on shares of Lucid Group from $2.00 to $3.00 and gave the company a "neutral" rating in a research report on Monday, April 21st. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $2.68.

Lucid Group Stock Performance

The stock's 50-day moving average is $2.39 and its 200-day moving average is $2.51. The stock has a market cap of $8.51 billion, a price-to-earnings ratio of -2.31 and a beta of 0.78. The company has a current ratio of 3.32, a quick ratio of 2.97 and a debt-to-equity ratio of 0.65.

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). Lucid Group had a negative net margin of 275.73% and a negative return on equity of 68.64%. The business had revenue of $235.05 million for the quarter, compared to analysts' expectations of $250.50 million. During the same quarter last year, the company posted ($0.27) earnings per share. The business's quarterly revenue was up 36.1% compared to the same quarter last year. On average, analysts expect that Lucid Group, Inc. will post -1.25 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of LCID. Bank of New York Mellon Corp increased its stake in Lucid Group by 4.5% in the 1st quarter. Bank of New York Mellon Corp now owns 3,091,063 shares of the company's stock worth $7,480,000 after purchasing an additional 132,497 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Lucid Group during the 4th quarter worth about $780,000. XTX Topco Ltd boosted its position in Lucid Group by 395.7% during the 4th quarter. XTX Topco Ltd now owns 849,140 shares of the company's stock worth $2,564,000 after acquiring an additional 677,846 shares during the period. Norges Bank acquired a new stake in Lucid Group during the 4th quarter worth about $9,446,000. Finally, Vontobel Holding Ltd. boosted its position in Lucid Group by 119.5% during the 1st quarter. Vontobel Holding Ltd. now owns 532,459 shares of the company's stock worth $1,289,000 after acquiring an additional 289,880 shares during the period. 75.17% of the stock is owned by institutional investors and hedge funds.

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.