Lucid Group (NASDAQ:LCID) Shares Down 8.1% - Should You Sell?

Key Points

• Lucid Group's shares fell 8.1% during mid-day trading, dropping from a previous close of $16.79 to $15.42, with a trading volume decline of 6% from average levels.
• Despite the recent drop in stock price, analysts generally hold a neutral position, with an average price target of $24.22 and a mix of ratings: two Buy, eight Hold, and two Sell.
• The company reported a quarterly loss of ($2.80) EPS, missing estimates, but showed a revenue increase of 29.3% year-over-year, generating $259.43 million compared to expectations of $288.10 million.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) dropped 8.1% during mid-day trading on Thursday . The stock traded as low as $15.25 and last traded at $15.42. Approximately 10,954,267 shares traded hands during mid-day trading, a decline of 6% from the average daily volume of 11,638,811 shares. The stock had previously closed at $16.79.

Wall Street Analysts Forecast Growth

LCID has been the subject of several recent research reports. Stifel Nicolaus set a $2.10 price target on Lucid Group in a report on Friday, August 29th. Cantor Fitzgerald restated a "neutral" rating and issued a $30.00 target price on shares of Lucid Group in a research note on Wednesday, May 7th. Finally, Morgan Stanley upped their target price on shares of Lucid Group to $30.00 and gave the company an "equal weight" rating in a research note on Tuesday. Two research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $24.22.

Lucid Group Price Performance

The firm has a market capitalization of $49.65 billion, a P/E ratio of -14.05 and a beta of 0.78. The business has a fifty day moving average of $23.16 and a 200-day moving average of $23.91. The company has a debt-to-equity ratio of 0.92, a quick ratio of 2.11 and a current ratio of 2.58.

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 (EPS) for the quarter, missing analysts' consensus estimates 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 business had revenue of $259.43 million during the quarter, compared to the consensus estimate of $288.10 million. During the same period last year, the company earned ($2.90) earnings per share. The business's quarterly revenue was up 29.3% compared to the same quarter last year. On average, sell-side analysts forecast that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Envestnet Asset Management Inc. increased its stake in shares of Lucid Group by 14.7% during the fourth quarter. Envestnet Asset Management Inc. now owns 54,619 shares of the company's stock valued at $165,000 after acquiring an additional 6,994 shares during the period. Raymond James Financial Inc. acquired a new stake in Lucid Group in the fourth quarter worth approximately $780,000. Dimensional Fund Advisors LP lifted its position in Lucid Group by 5.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,034,932 shares of the company's stock worth $12,190,000 after purchasing an additional 208,220 shares during the period. Tower Research Capital LLC TRC lifted its position in Lucid Group by 325.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 47,830 shares of the company's stock worth $144,000 after purchasing an additional 36,592 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its position in Lucid Group by 30.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 683,257 shares of the company's stock worth $2,064,000 after purchasing an additional 160,518 shares during the period. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.