Lucid Group (NASDAQ:LCID) Trading Down 4.7% - Should You Sell?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price traded down 4.7% during mid-day trading on Thursday . The company traded as low as $2.11 and last traded at $2.13. 73,210,582 shares were traded during mid-day trading, a decline of 2% from the average session volume of 74,477,655 shares. The stock had previously closed at $2.23.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Robert W. Baird upped their target price on shares of Lucid Group from $2.00 to $3.00 and gave the company a "neutral" rating in a report on Monday, April 21st. TD Cowen assumed coverage on shares of Lucid Group in a report on Friday, March 7th. They issued a "hold" rating and a $2.30 target price on the stock. Bank of America lowered shares of Lucid Group from a "neutral" rating to an "underperform" rating and reduced their target price for the company from $3.00 to $1.00 in a report on Wednesday, February 26th. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $3.00 price objective on shares of Lucid Group in a research note on Wednesday, May 7th. Finally, Cowen initiated coverage on shares of Lucid Group in a research note on Thursday, March 6th. They set a "hold" rating for the company. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $2.68.

Lucid Group Price Performance

The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The company has a market cap of $6.56 billion, a PE ratio of -1.60 and a beta of 0.81. The company has a 50-day moving average price of $2.46 and a two-hundred day moving average price of $2.59.

Lucid Group (NASDAQ:LCID - Get Free Report) last issued its quarterly earnings data 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 net margin of 406.63% and a negative return on equity of 74.67%. The firm had revenue of $235.05 million during the quarter, compared to analyst estimates of $250.50 million. During the same period last year, the business earned ($0.27) EPS. The firm's revenue was up 36.1% compared to the same quarter last year. Sell-side analysts expect that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Rhumbline Advisers boosted its stake in shares of Lucid Group by 4.9% during the 1st quarter. Rhumbline Advisers now owns 814,725 shares of the company's stock valued at $1,972,000 after buying an additional 38,113 shares during the last quarter. Strs Ohio purchased a new position in shares of Lucid Group during the 1st quarter valued at approximately $947,000. Focus Partners Wealth boosted its stake in shares of Lucid Group by 450.9% during the 1st quarter. Focus Partners Wealth now owns 215,241 shares of the company's stock valued at $521,000 after buying an additional 176,170 shares during the last quarter. Integrity Alliance LLC. purchased a new position in shares of Lucid Group during the 1st quarter valued at approximately $27,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Lucid Group by 17.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,062,287 shares of the company's stock valued at $7,411,000 after buying an additional 449,656 shares during the last quarter. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

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.