Lucid Group (NASDAQ:LCID) Stock Price Down 7.1% - Should You Sell?

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) fell 7.1% during mid-day trading on Monday . The stock traded as low as $2.81 and last traded at $2.83. 93,896,115 shares were traded during trading, an increase of 4% from the average session volume of 90,501,336 shares. The stock had previously closed at $3.04.

Analysts Set New Price Targets

Several brokerages have issued reports on LCID. Robert W. Baird raised their price objective on shares of Lucid Group from $2.00 to $3.00 and gave the stock a "neutral" rating in a research report on Monday, April 21st. Cantor Fitzgerald reiterated a "neutral" rating and issued a $3.00 price target on shares of Lucid Group in a research report on Wednesday, May 7th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the stock. According to MarketBeat, Lucid Group presently has an average rating of "Hold" and a consensus target price of $2.68.

Lucid Group Stock Down 2.9%

The company has a current ratio of 3.32, a quick ratio of 2.97 and a debt-to-equity ratio of 0.65. The stock's 50-day simple moving average is $2.39 and its 200-day simple moving average is $2.52. The firm has a market capitalization of $9.12 billion, a P/E ratio of -2.47 and a beta of 0.78.

Lucid Group (NASDAQ:LCID - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.01). Lucid Group had a negative return on equity of 68.64% and a negative net margin of 275.73%. The firm had revenue of $235.05 million during the quarter, compared to the consensus estimate of $250.50 million. During the same period in the previous year, the company posted ($0.27) earnings per share. The company's revenue for the quarter was up 36.1% on a year-over-year basis. As a group, research analysts predict that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Institutional Trading of Lucid Group

Several institutional investors and hedge funds have recently bought and sold shares of LCID. Vontobel Holding Ltd. grew its holdings in Lucid Group by 34.2% in the 2nd quarter. Vontobel Holding Ltd. now owns 714,643 shares of the company's stock worth $1,508,000 after acquiring an additional 182,184 shares during the last quarter. KLP Kapitalforvaltning AS raised its holdings in Lucid Group by 10.1% in the second quarter. KLP Kapitalforvaltning AS now owns 256,400 shares of the company's stock worth $541,000 after buying an additional 23,600 shares during the last quarter. Tyche Wealth Partners LLC purchased a new position in Lucid Group in the second quarter worth about $26,000. 111 Capital raised its holdings in Lucid Group by 487.0% in the second quarter. 111 Capital now owns 107,013 shares of the company's stock worth $226,000 after buying an additional 88,784 shares during the last quarter. Finally, Public Employees Retirement System of Ohio grew its stake in shares of Lucid Group by 26.7% in the second quarter. Public Employees Retirement System of Ohio now owns 385,687 shares of the company's stock worth $814,000 after acquiring an additional 81,309 shares during the period. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

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.