Lucid Group (NASDAQ:LCID) Shares Down 3.3% - Time to Sell?

Key Points

• Lucid Group's shares fell by 3.3%, trading between $20.94 and $20.98, with a significant drop in trade volume of 29% compared to the average.
• Analysts have set a mixed bag of price targets for Lucid, with Cantor Fitzgerald raising their target to $26.00 while Weiss Ratings maintained a "sell" rating.
• Lucid Group reported a quarterly earnings miss of $2.80 per share, significantly lower than analysts' expectations, alongside a revenue increase of 29.3% year-over-year.

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) were down 3.3% on Friday . The company traded as low as $20.94 and last traded at $20.98. Approximately 8,261,074 shares traded hands during trading, a decline of 29% from the average daily volume of 11,573,872 shares. The stock had previously closed at $21.69.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on LCID shares. Cantor Fitzgerald raised their price target on Lucid Group from $20.00 to $26.00 and gave the stock a "neutral" rating in a research note on Wednesday, September 24th. Morgan Stanley raised their price target on Lucid Group to $30.00 and gave the stock an "equal weight" rating in a research note on Tuesday, September 2nd. Weiss Ratings restated a "sell (d-)" rating on shares of Lucid Group in a research note on Wednesday. Finally, Stifel Nicolaus set a $2.10 target price on Lucid Group in a research report on Friday, August 29th. Two equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Reduce" and an average price target of $23.85.

Lucid Group Stock Down 3.3%

The company has a 50 day simple moving average of $21.51 and a two-hundred day simple moving average of $23.31. The company has a quick ratio of 2.11, a current ratio of 2.58 and a debt-to-equity ratio of 0.92. The company has a market capitalization of $6.45 billion, a P/E ratio of -1.82 and a beta of 0.81.

Lucid Group (NASDAQ:LCID - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported ($2.80) earnings per share for the quarter, missing the consensus estimate of ($2.20) by ($0.60). Lucid Group had a negative return on equity of 79.40% and a negative net margin of 259.57%.The company had revenue of $259.43 million for the quarter, compared to the consensus estimate of $288.10 million. During the same period in the previous year, the firm earned ($2.90) earnings per share. The company's revenue was up 29.3% compared to the same quarter last year. As a group, equities analysts predict that Lucid Group, Inc. will post -1.25 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Corient Private Wealth LLC boosted its position in shares of Lucid Group by 48.1% during the second quarter. Corient Private Wealth LLC now owns 125,811 shares of the company's stock valued at $265,000 after buying an additional 40,873 shares during the period. Valeo Financial Advisors LLC boosted its position in shares of Lucid Group by 9.7% during the second quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company's stock valued at $25,000 after buying an additional 1,055 shares during the period. Osaic Holdings Inc. boosted its position in shares of Lucid Group by 23.7% during the second quarter. Osaic Holdings Inc. now owns 414,151 shares of the company's stock valued at $874,000 after buying an additional 79,349 shares during the period. Silverlake Wealth Management LLC purchased a new position in shares of Lucid Group during the second quarter valued at approximately $39,000. Finally, B. Riley Wealth Advisors Inc. purchased a new position in shares of Lucid Group during the second quarter valued at approximately $109,000. Hedge funds and other 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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