Lucid Group (NASDAQ:LCID) Shares Down 4.4% - Should You Sell?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) was down 4.4% on Monday . The company traded as low as $2.07 and last traded at $2.07. Approximately 48,972,661 shares were traded during trading, a decline of 42% from the average daily volume of 84,183,425 shares. The stock had previously closed at $2.16.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on LCID shares. Robert W. Baird boosted their price objective on Lucid Group from $2.00 to $3.00 and gave the stock a "neutral" rating in a research note on Monday, April 21st. Cantor Fitzgerald restated a "neutral" rating and issued a $3.00 price objective on shares of Lucid Group in a report on Wednesday, May 7th. Finally, Morgan Stanley raised shares of Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 target price on the stock in a research report on Tuesday, March 18th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Lucid Group has a consensus rating of "Hold" and an average price target of $2.68.

Lucid Group Trading Up 2.2%

The company has a 50 day moving average of $2.34 and a 200-day moving average of $2.56. 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 cap of $7.11 billion, a price-to-earnings ratio of -1.93 and a beta of 0.78.

Lucid Group (NASDAQ:LCID - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported ($0.24) earnings per share (EPS) 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 firm had revenue of $235.05 million for the quarter, compared to analyst estimates of $250.50 million. During the same period in the previous year, the company posted ($0.27) EPS. Lucid Group's revenue was up 36.1% on a year-over-year basis. On average, research analysts anticipate that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds have recently bought and sold shares of the stock. Public Investment Fund raised its position in Lucid Group by 28.8% in the 4th quarter. Public Investment Fund now owns 1,770,888,684 shares of the company's stock valued at $5,348,084,000 after purchasing an additional 396,188,386 shares in the last quarter. Vanguard Group Inc. raised its position in Lucid Group by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 110,933,835 shares of the company's stock valued at $268,460,000 after purchasing an additional 615,108 shares in the last quarter. Geode Capital Management LLC raised its position in Lucid Group by 31.4% in the 4th quarter. Geode Capital Management LLC now owns 20,263,309 shares of the company's stock valued at $61,214,000 after purchasing an additional 4,844,782 shares in the last quarter. Renaissance Technologies LLC raised its position in Lucid Group by 342.7% in the 4th quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company's stock valued at $49,950,000 after purchasing an additional 12,803,987 shares in the last quarter. Finally, Two Sigma Investments LP raised its position in Lucid Group by 4,320.7% in the 4th quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company's stock valued at $47,873,000 after purchasing an additional 15,493,320 shares in the last quarter. 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.