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 stock price traded down 2.5% during mid-day trading on Friday . The stock traded as low as $2.90 and last traded at $2.92. 22,690,864 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 120,365,695 shares. The stock had previously closed at $2.99.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. 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. Cantor Fitzgerald reissued a "neutral" rating and set a $3.00 price target on shares of Lucid Group in a research note on Wednesday, May 7th. 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 company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $2.68.

Lucid Group Trading Down 3.2%

The company has a 50 day moving average of $2.39 and a two-hundred day moving average of $2.52. The company has a debt-to-equity ratio of 0.65, a quick ratio of 2.97 and a current ratio of 3.32. The stock has a market capitalization of $8.83 billion, a PE ratio of -2.39 and a beta of 0.78.

Lucid Group (NASDAQ:LCID - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.01). Lucid Group had a negative return on equity of 68.64% and a negative net margin of 275.73%. 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 firm earned ($0.27) earnings per share. The firm's quarterly revenue was up 36.1% compared to the same quarter last year. Sell-side analysts predict that Lucid Group, Inc. will post -1.25 EPS for the current year.

Institutional Trading of Lucid Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Personalized Indexing Management LLC lifted its position in Lucid Group by 4.4% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 183,630 shares of the company's stock worth $387,000 after acquiring an additional 7,785 shares during the period. Concurrent Investment Advisors LLC acquired a new stake in Lucid Group during the 2nd quarter worth about $29,000. Vontobel Holding Ltd. lifted its position in Lucid Group by 34.2% during the 2nd quarter. Vontobel Holding Ltd. now owns 714,643 shares of the company's stock worth $1,508,000 after acquiring an additional 182,184 shares during the period. KLP Kapitalforvaltning AS lifted its position in Lucid Group by 10.1% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 256,400 shares of the company's stock worth $541,000 after acquiring an additional 23,600 shares during the period. Finally, Tyche Wealth Partners LLC acquired a new position in shares of Lucid Group in the 2nd quarter valued at about $26,000. 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.

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