Lucid Group (NASDAQ:LCID) Shares Down 4.4% - Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price dropped 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 mid-day trading, a decline of 42% from the average daily volume of 84,183,425 shares. The stock had previously closed at $2.16.

Analyst Ratings Changes

LCID has been the topic of a number of research analyst reports. Robert W. Baird lifted their target price on Lucid Group from $2.00 to $3.00 and gave the company a "neutral" rating in a report on Monday, April 21st. Cantor Fitzgerald reiterated a "neutral" rating and issued a $3.00 target price on shares of Lucid Group in a report on Wednesday, May 7th. Finally, Morgan Stanley upgraded Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 target price on the stock in a report on Tuesday, March 18th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $2.68.

Lucid Group Stock Performance

The firm has a market capitalization of $7.17 billion, a PE ratio of -1.94 and a beta of 0.78. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.32 and a quick ratio of 2.97. The stock has a 50-day moving average price of $2.35 and a 200-day moving average price of $2.56.

Lucid Group (NASDAQ:LCID - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 period in the previous year, the firm posted ($0.27) earnings per share. The firm's revenue was up 36.1% compared to the same quarter last year. On average, research analysts expect that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Institutional Trading of Lucid Group

Several hedge funds and other institutional investors have recently bought and sold shares of the company. BI Asset Management Fondsmaeglerselskab A S increased its holdings in Lucid Group by 27.5% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 17,993 shares of the company's stock valued at $44,000 after buying an additional 3,882 shares during the last quarter. Sei Investments Co. increased its holdings in Lucid Group by 14.0% in the fourth quarter. Sei Investments Co. now owns 36,031 shares of the company's stock valued at $109,000 after buying an additional 4,431 shares during the last quarter. Voya Investment Management LLC increased its holdings in Lucid Group by 4.0% in the fourth quarter. Voya Investment Management LLC now owns 120,067 shares of the company's stock valued at $363,000 after buying an additional 4,591 shares during the last quarter. Alpine Global Management LLC increased its holdings in Lucid Group by 7.4% in the fourth quarter. Alpine Global Management LLC now owns 67,153 shares of the company's stock valued at $203,000 after buying an additional 4,653 shares during the last quarter. Finally, Arizona State Retirement System increased its holdings in Lucid Group by 1.9% in the fourth quarter. Arizona State Retirement System now owns 270,753 shares of the company's stock valued at $818,000 after buying an additional 5,022 shares during the last quarter. 75.17% of the stock is owned by institutional investors.

About Lucid Group

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.