Lucid Group (NASDAQ:LCID) Stock Price Down 2.1% - Should You Sell?

Key Points

• Lucid Group's stock (NASDAQ:LCID) fell by 2.1% to $18.10, with trading volume declining by 38% from its average.
• Analysts have issued mixed ratings, with two Buy, eight Hold, and three Sell ratings, resulting in an average rating of "Reduce" and a consensus target price of $24.24.
• In its latest earnings report, Lucid posted a loss of $2.80 per share, missing expectations, although revenue increased by 29.3% year-over-year.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) traded down 2.1% on Monday . The stock traded as low as $18.10 and last traded at $18.10. 7,068,480 shares traded hands during trading, a decline of 38% from the average session volume of 11,319,172 shares. The stock had previously closed at $18.48.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on LCID. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Lucid Group in a report on Wednesday, October 8th. Morgan Stanley increased their price objective on shares of Lucid Group to $30.00 and gave the company an "equal weight" rating in a research report on Tuesday, September 2nd. Cantor Fitzgerald increased their price objective on shares of Lucid Group from $20.00 to $26.00 and gave the company a "neutral" rating in a research report on Wednesday, September 24th. Finally, Stifel Nicolaus set a $2.10 price objective on shares of Lucid Group in a research report on Friday, August 29th. Two investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Reduce" and a consensus target price of $24.24.

Lucid Group Trading Down 2.1%

The stock has a market cap of $5.56 billion, a P/E ratio of -1.57 and a beta of 0.81. 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 50-day moving average price of $20.89 and a two-hundred day moving average price of $23.01.

Lucid Group (NASDAQ:LCID - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported ($2.80) earnings per share for the quarter, missing the consensus estimate of ($2.20) by ($0.60). The company had revenue of $259.43 million for 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 business's revenue for the quarter was up 29.3% compared to the same quarter last year. During the same period in the prior year, the firm posted ($2.90) EPS. On average, research analysts expect 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 bought and sold shares of the business. HB Wealth Management LLC bought a new position in Lucid Group in the 1st quarter valued at $25,000. Cigna Investments Inc. New bought a new position in Lucid Group in the 2nd quarter valued at $25,000. Valeo Financial Advisors LLC grew its position in Lucid Group by 9.7% in the 2nd quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company's stock valued at $25,000 after acquiring an additional 1,055 shares during the last quarter. Tyche Wealth Partners LLC bought a new position in Lucid Group in the 2nd quarter valued at $26,000. Finally, Integrity Alliance LLC. bought a new position in Lucid Group in the 1st quarter valued at $27,000. 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.