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

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price gapped down prior to trading on Friday . The stock had previously closed at $3.12, but opened at $3.01. Lucid Group shares last traded at $2.99, with a volume of 62,275,938 shares changing hands.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on LCID. Robert W. Baird increased their target price on Lucid Group from $2.00 to $3.00 and gave the stock a "neutral" rating in a research report on Monday, April 21st. Cantor Fitzgerald restated a "neutral" rating and issued a $3.00 target price on shares of Lucid Group in a research note on Wednesday, May 7th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Lucid Group currently has an average rating of "Hold" and an average price target of $2.68.

Lucid Group Trading Up 0.2%

The company has a market cap of $9.53 billion, a PE ratio of -2.59 and a beta of 0.78. The company has a debt-to-equity ratio of 0.65, a quick ratio of 2.97 and a current ratio of 3.32. The company has a 50 day simple moving average of $2.35 and a two-hundred day simple moving average of $2.52.

Lucid Group (NASDAQ:LCID - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.01). Lucid Group had a negative net margin of 275.73% and a negative return on equity of 68.64%. The company had revenue of $235.05 million for the quarter, compared to analysts' expectations of $250.50 million. During the same quarter in the prior year, the firm earned ($0.27) earnings per share. The company's revenue was up 36.1% on a year-over-year basis. Sell-side analysts forecast that Lucid Group, Inc. will post -1.25 EPS for the current year.

Hedge Funds Weigh In On Lucid Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LCID. Public Investment Fund raised its stake in shares of Lucid Group by 28.8% in the 4th quarter. Public Investment Fund now owns 1,770,888,684 shares of the company's stock valued at $5,348,084,000 after acquiring an additional 396,188,386 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Lucid Group by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 110,933,835 shares of the company's stock worth $268,460,000 after purchasing an additional 615,108 shares during the last quarter. Geode Capital Management LLC grew its holdings in Lucid Group by 31.4% in the 4th quarter. Geode Capital Management LLC now owns 20,263,309 shares of the company's stock valued at $61,214,000 after buying an additional 4,844,782 shares during the last quarter. Renaissance Technologies LLC increased its position in Lucid Group by 342.7% in the 4th quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company's stock worth $49,950,000 after buying an additional 12,803,987 shares during the period. Finally, Two Sigma Investments LP grew its position in Lucid Group by 4,320.7% in the 4th quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company's stock worth $47,873,000 after purchasing an additional 15,493,320 shares during the last quarter. Institutional investors own 75.17% of the company's stock.

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.

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.