Lucid Group (NASDAQ:LCID) Stock Price Down 1.2% - Should You Sell?

Key Points

• Lucid Group's stock price fell by 1.2% to approximately $2.15, with a significant drop in trading volume, down to 21.4 million shares traded compared to an average of 118.4 million shares.
• Equity analysts have a consensus rating of "Hold" for Lucid Group, with an average price target of $2.68, while two analysts rated it a sell, eight as hold, and two as buy.
• In its latest earnings report, Lucid Group reported a loss of ($0.28) per share, missing analyst expectations, and had a revenue of $259.43 million, which was below the expected $288.10 million.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares dropped 1.2% during mid-day trading on Friday . The company traded as low as $2.13 and last traded at $2.15. Approximately 21,456,190 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 118,357,719 shares. The stock had previously closed at $2.17.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on LCID shares. Cantor Fitzgerald restated a "neutral" rating and set a $3.00 target price on shares of Lucid Group in a research report on Wednesday, May 7th. Robert W. Baird boosted their target price 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 issued a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, Lucid Group currently has a consensus rating of "Hold" and an average price target of $2.68.

Lucid Group Price Performance

The company has a quick ratio of 2.97, a current ratio of 2.58 and a debt-to-equity ratio of 0.92. The stock's 50-day moving average price is $2.35 and its 200-day moving average price is $2.48. The company has a market capitalization of $6.54 billion, a price-to-earnings ratio of -1.87 and a beta of 0.79.

Lucid Group (NASDAQ:LCID - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported ($0.28) EPS for the quarter, missing analysts' consensus estimates of ($0.22) by ($0.06). The firm had revenue of $259.43 million during the quarter, compared to the consensus estimate of $288.10 million. Lucid Group had a negative net margin of 259.57% and a negative return on equity of 79.40%. The firm's quarterly revenue was up 29.3% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.29) earnings per share. Equities research analysts anticipate that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Accredited Investors Inc. acquired a new position in Lucid Group in the fourth quarter valued at approximately $30,000. DRW Securities LLC acquired a new position in shares of Lucid Group in the 4th quarter valued at $31,000. HB Wealth Management LLC bought a new position in shares of Lucid Group in the 1st quarter worth $25,000. Sterling Investment Counsel LLC acquired a new stake in shares of Lucid Group during the first quarter worth $25,000. Finally, Grimes & Company Inc. bought a new stake in Lucid Group in the first quarter valued at about $27,000. 75.17% of the stock is currently owned by institutional investors and hedge funds.

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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