Lucid Group (NASDAQ:LCID) Stock Price Down 4.7% - Time to Sell?

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

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Cowen assumed coverage on Lucid Group in a research report on Thursday, March 6th. They issued a "hold" rating for the company. Benchmark reiterated a "buy" rating and issued a $5.00 price objective on shares of Lucid Group in a report on Friday, March 7th. Bank of America downgraded shares of Lucid Group from a "neutral" rating to an "underperform" rating and cut their target price for the stock from $3.00 to $1.00 in a research report on Wednesday, February 26th. Redburn Atlantic cut shares of Lucid Group from a "neutral" rating to a "sell" rating and decreased their price target for the company from $3.50 to $1.13 in a research report on Monday, February 24th. Finally, Robert W. Baird raised their price target on shares of Lucid Group from $2.00 to $3.00 and gave the company a "neutral" rating in a research note on Monday, April 21st. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $2.68.

Lucid Group Stock Up 0.9%

The stock's 50-day moving average price is $2.46 and its 200-day moving average price is $2.58. The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. The stock has a market cap of $6.56 billion, a price-to-earnings ratio of -1.60 and a beta of 0.81.

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 analysts' consensus estimates of ($0.23) by ($0.01). The firm had revenue of $235.05 million for the quarter, compared to the consensus estimate of $250.50 million. Lucid Group had a negative return on equity of 74.67% and a negative net margin of 406.63%. Lucid Group's quarterly revenue was up 36.1% on a year-over-year basis. During the same period in the prior year, the business earned ($0.27) EPS. On average, sell-side analysts expect that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Institutional Investors Weigh In On Lucid Group

Several institutional investors and hedge funds have recently made changes to their positions in LCID. Sterling Investment Counsel LLC acquired a new position in Lucid Group in the first quarter valued at approximately $25,000. HB Wealth Management LLC bought a new stake in shares of Lucid Group in the 1st quarter valued at $25,000. Grimes & Company Inc. bought a new stake in shares of Lucid Group in the 1st quarter valued at $27,000. Integrity Alliance LLC. acquired a new position in shares of Lucid Group during the 1st quarter valued at $27,000. Finally, Newbridge Financial Services Group Inc. bought a new position in Lucid Group during the fourth quarter worth $28,000. Institutional investors own 75.17% of the company's stock.

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.