Lucid Group (NASDAQ:LCID) Stock Price Down 5.3% - Time to Sell?

Key Points

• Lucid Group's stock price fell by 5.3% to $20.53, accompanied by a significant drop in trading volume, which was down 46% from average levels.
• Analysts have varied opinions on Lucid Group, with target prices ranging from $2.10 to $30.00, while the consensus rating remains at "Reduce" and the target price at $23.85.
• Despite an increase in revenue by 29.3% year-over-year, the company reported a significantly worse-than-expected EPS of ($2.80), missing estimates by $0.60.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares traded down 5.3% on Thursday . The stock traded as low as $20.52 and last traded at $20.53. 6,226,444 shares changed hands during mid-day trading, a decline of 46% from the average session volume of 11,463,354 shares. The stock had previously closed at $21.67.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Stifel Nicolaus set a $2.10 price objective on Lucid Group in a report on Friday, August 29th. Cantor Fitzgerald lifted 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. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Lucid Group in a report on Wednesday, October 8th. Finally, Morgan Stanley lifted 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 issued a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, Lucid Group has a consensus rating of "Reduce" and a consensus target price of $23.85.

Lucid Group Stock Down 5.3%

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 cap of $6.31 billion, a PE ratio of -1.79 and a beta of 0.81. The company has a fifty day moving average price of $21.29 and a 200 day moving average price of $23.23.

Lucid Group (NASDAQ:LCID - Get Free Report) last issued 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 return on equity of 79.40% and a negative net margin of 259.57%.The business had revenue of $259.43 million for the quarter, compared to analysts' expectations of $288.10 million. During the same period in the previous year, the firm posted ($2.90) EPS. The firm's revenue for the quarter was up 29.3% compared to the same quarter last year. As a group, analysts anticipate that Lucid Group, Inc. will post -1.25 EPS for the current year.

Institutional Trading of Lucid Group

Hedge funds have recently bought and sold shares of the company. Johnson & White Wealth Management LLC bought a new stake in Lucid Group in the third quarter valued at approximately $238,000. Corient Private Wealth LLC raised its holdings in shares of Lucid Group by 48.1% during the second quarter. Corient Private Wealth LLC now owns 125,811 shares of the company's stock valued at $265,000 after acquiring an additional 40,873 shares in the last quarter. Valeo Financial Advisors LLC raised its holdings in shares of Lucid Group by 9.7% during the second 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 in the last quarter. Osaic Holdings Inc. raised its holdings in shares of Lucid Group by 23.7% during the second quarter. Osaic Holdings Inc. now owns 414,151 shares of the company's stock valued at $874,000 after acquiring an additional 79,349 shares in the last quarter. Finally, Silverlake Wealth Management LLC bought a new position in shares of Lucid Group during the second quarter valued at approximately $39,000. 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.

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