Lucid Group (NASDAQ:LCID) Shares Down 1.2% - Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares dropped 1.2% on Wednesday . The stock traded as low as $2.13 and last traded at $2.15. Approximately 52,187,268 shares traded hands during trading, a decline of 35% from the average daily volume of 80,093,098 shares. The stock had previously closed at $2.17.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on LCID shares. Robert W. Baird boosted their price objective on Lucid Group from $2.00 to $3.00 and gave the company a "neutral" rating in a report on Monday, April 21st. Cantor Fitzgerald reissued a "neutral" rating and issued a $3.00 price target on shares of Lucid Group in a report on Wednesday, May 7th. Needham & Company LLC restated a "hold" rating on shares of Lucid Group in a research report on Wednesday, February 26th. TD Cowen assumed coverage on shares of Lucid Group in a report on Friday, March 7th. They set a "hold" rating and a $2.30 target price for the company. Finally, Morgan Stanley upgraded shares of Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 target price for the company in a research note on Tuesday, March 18th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $2.68.

Lucid Group Stock Down 1.4%

The stock has a market cap of $6.53 billion, a price-to-earnings ratio of -1.77 and a beta of 0.81. The business's 50 day moving average is $2.40 and its 200-day moving average is $2.59. The company has a debt-to-equity ratio of 0.65, a quick ratio of 2.97 and a current ratio of 3.32.

Lucid Group (NASDAQ:LCID - Get Free Report) last announced its earnings results 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). The company had revenue of $235.05 million during the quarter, compared to analyst estimates of $250.50 million. Lucid Group had a negative net margin of 275.73% and a negative return on equity of 68.64%. The firm's revenue for the quarter was up 36.1% compared to the same quarter last year. During the same quarter last year, the business earned ($0.27) EPS. On average, sell-side analysts predict that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

Hedge funds have recently made changes to their positions in the company. Public Investment Fund boosted its stake in shares of Lucid Group by 28.8% in the fourth quarter. Public Investment Fund now owns 1,770,888,684 shares of the company's stock worth $5,348,084,000 after acquiring an additional 396,188,386 shares during the last quarter. Vanguard Group Inc. boosted its stake in Lucid Group by 31.1% during the 4th quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company's stock worth $333,163,000 after purchasing an additional 26,172,852 shares during the last quarter. Two Sigma Investments LP boosted its stake in Lucid Group by 4,320.7% during 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. Renaissance Technologies LLC grew its holdings in shares of Lucid Group by 342.7% during the fourth 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 in the last quarter. Finally, Two Sigma Advisers LP acquired a new stake in shares of Lucid Group in the fourth quarter valued at about $34,123,000. Institutional investors and hedge funds 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.