Lucid Group (NASDAQ:LCID) Shares Down 8.8% - Time to Sell?

Key Points

• Lucid Group's shares fell by 8.8% during trading, reaching a low of $17.36 and closing at $18.06, with trading volume down 43% from the average.
• Analyst ratings show a mix of opinions on Lucid Group, with two Buy ratings, eight Hold ratings, and two Sell ratings, and an average target price of $26.75.
• The company reported a larger-than-expected loss of ($2.80) EPS for the last quarter, missing analysts' estimates and indicating challenges in revenue generation.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price was down 8.8% during trading on Tuesday . The stock traded as low as $17.36 and last traded at $18.06. Approximately 6,569,760 shares traded hands during trading, a decline of 43% from the average daily volume of 11,483,543 shares. The stock had previously closed at $19.80.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on LCID. Morgan Stanley lifted their price target on Lucid Group to $30.00 and gave the stock an "equal weight" rating in a research note on Tuesday. Cantor Fitzgerald reissued a "neutral" rating and issued a $30.00 target price on shares of Lucid Group in a research note on Wednesday, May 7th. Two analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $26.75.

Lucid Group Price Performance

The company has a current ratio of 2.58, a quick ratio of 2.11 and a debt-to-equity ratio of 0.92. The company has a market cap of $54.43 billion, a PE ratio of -15.38 and a beta of 0.78. The firm has a 50 day moving average of $22.95 and a two-hundred day moving average of $23.79.

Lucid Group (NASDAQ:LCID - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported ($2.80) EPS for the quarter, missing analysts' consensus estimates of ($2.20) by ($0.60). The business had revenue of $259.43 million during the quarter, compared to the consensus estimate of $288.10 million. Lucid Group had a negative return on equity of 79.40% and a negative net margin of 259.57%.The firm's revenue for the quarter was up 29.3% on a year-over-year basis. During the same period in the previous year, the business posted ($2.90) EPS. Research analysts predict that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

A number of institutional investors and hedge funds have recently modified their holdings of LCID. Sterling Investment Counsel LLC bought a new position in Lucid Group in the 1st quarter worth $25,000. HB Wealth Management LLC bought a new position in Lucid Group in the 1st quarter worth $25,000. Cigna Investments Inc. New purchased a new position in shares of Lucid Group during the second quarter valued at about $25,000. Tyche Wealth Partners LLC purchased a new position in shares of Lucid Group during the second quarter valued at approximately $26,000. Finally, Grimes & Company Inc. purchased a new stake in shares of Lucid Group in the first quarter valued at approximately $27,000. 75.17% of the stock is currently owned by hedge funds and other 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.

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