Lucid Group (NASDAQ:LCID) Stock Price Down 1.3% - Time to Sell?

Key Points

• Lucid Group's stock price dropped by 1.3% to $23.79, with trading volume down by 34% from its average.
• Equities research analysts have a mixed outlook on Lucid Group, with a range of target prices from $2.10 to $30.00 and an average rating of "Hold."
• In the latest quarterly earnings report, Lucid posted a loss of ($2.80) EPS, missing estimates, while revenue of $259.43 million fell short of expectations.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price was down 1.3% during trading on Tuesday . The company traded as low as $23.08 and last traded at $23.79. Approximately 7,649,475 shares changed hands during trading, a decline of 34% from the average daily volume of 11,645,620 shares. The stock had previously closed at $24.11.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on LCID shares. Cantor Fitzgerald increased their target price on Lucid Group from $20.00 to $26.00 and gave the company a "neutral" rating in a report on Wednesday, September 24th. Stifel Nicolaus set a $2.10 target price on Lucid Group in a report on Friday, August 29th. Finally, Morgan Stanley increased their target price on Lucid Group to $30.00 and gave the company an "equal weight" rating in a report on Tuesday, September 2nd. 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 stock. Based on data from MarketBeat.com, Lucid Group currently has an average rating of "Hold" and an average target price of $23.85.

Lucid Group Stock Down 1.3%

The firm has a 50-day simple moving average of $22.32 and a 200 day simple moving average of $23.25. The company has a debt-to-equity ratio of 0.92, a current ratio of 2.58 and a quick ratio of 2.11. The company has a market capitalization of $7.31 billion, a PE ratio of -2.07 and a beta of 0.78.

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

Institutional Trading of Lucid Group

A number of hedge funds and other institutional investors have recently modified their holdings of LCID. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Lucid Group by 23.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,612,631 shares of the company's stock worth $7,890,000 after acquiring an additional 504,171 shares during the last quarter. Public Employees Retirement System of Ohio increased its position in shares of Lucid Group by 5.3% during the fourth quarter. Public Employees Retirement System of Ohio now owns 339,579 shares of the company's stock worth $1,026,000 after acquiring an additional 17,230 shares during the last quarter. California State Teachers Retirement System increased its position in shares of Lucid Group by 0.9% during the fourth quarter. California State Teachers Retirement System now owns 878,916 shares of the company's stock worth $2,654,000 after acquiring an additional 8,023 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Lucid Group by 187.3% during the first quarter. GAMMA Investing LLC now owns 34,078 shares of the company's stock worth $82,000 after acquiring an additional 22,218 shares during the last quarter. Finally, Rhumbline Advisers increased its position in shares of Lucid Group by 4.9% during the first quarter. Rhumbline Advisers now owns 814,725 shares of the company's stock worth $1,972,000 after acquiring an additional 38,113 shares during the last quarter. 75.17% of the stock is owned by hedge funds and other institutional investors.

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.

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