Lucid Group (NASDAQ:LCID) Stock Price Down 4.7% - Should You Sell?

Key Points

• Lucid Group's stock price fell by 4.7% on Friday, with a last trading price of $18.96 after reaching a low of $19.07 during the day.
• Analysts have mixed feelings about LCID; while Cantor Fitzgerald upgraded the price target to $20.00, others like Stifel Nicolaus set a much lower target of $2.10, resulting in an average rating of "Hold".
• The company recently reported quarterly earnings with an EPS of ($2.80), missing estimates and reflecting a negative net margin of 259.57%, despite seeing a 29.3% revenue increase year-over-year.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price was down 4.7% on Friday . The company traded as low as $19.07 and last traded at $18.96. Approximately 2,765,016 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 11,768,439 shares. The stock had previously closed at $19.90.

Analyst Upgrades and Downgrades

Several research firms recently commented on LCID. Cantor Fitzgerald boosted their price target on Lucid Group to $20.00 and gave the stock a "neutral" rating in a research note on Friday, September 5th. Stifel Nicolaus set a $2.10 target price on Lucid Group in a research report on Friday, August 29th. Finally, Morgan Stanley upped their price target on Lucid Group to $30.00 and gave the company an "equal weight" rating in a report on Tuesday, September 2nd. Two investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $23.31.

Lucid Group Price Performance

The stock has a fifty day moving average of $22.87 and a two-hundred day moving average of $23.32. The stock has a market capitalization of $5.83 billion, a price-to-earnings ratio of -1.66 and a beta of 0.78. The company has a current ratio of 2.58, a quick ratio of 2.11 and a debt-to-equity ratio of 0.92.

Lucid Group (NASDAQ:LCID - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The company reported ($2.80) earnings per share for the quarter, missing analysts' consensus estimates 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 analyst estimates of $288.10 million. During the same period in the prior year, the business earned ($2.90) EPS. The business's revenue for the quarter was up 29.3% on a year-over-year basis. As a group, equities research analysts forecast that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently made changes to their positions in LCID. Two Sigma Investments LP increased its stake 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 valued at $47,873,000 after buying an additional 15,493,320 shares during the last quarter. Marshall Wace LLP increased its stake in shares of Lucid Group by 2,398.5% during the 2nd quarter. Marshall Wace LLP now owns 12,652,537 shares of the company's stock worth $26,697,000 after purchasing an additional 12,146,136 shares during the last quarter. Two Sigma Advisers LP acquired a new position in shares of Lucid Group during the 4th quarter worth about $34,123,000. Norges Bank acquired a new position in shares of Lucid Group during the 2nd quarter worth about $16,469,000. Finally, Linden Advisors LP bought a new stake in shares of Lucid Group during the 2nd quarter worth about $9,885,000. 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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