Lucid Group (NASDAQ:LCID) Stock Price Down 8.4% - Should You Sell?

Key Points

• Lucid Group's stock price dropped 8.4% to close at $22.01, down from a previous close of $24.02, with trading volume increasing by 23%.
• Analysts have mixed opinions on Lucid Group, with target prices ranging from $2.10 to $30.00 and a consensus rating of "Reduce" with a target price of $23.85.
• In its latest earnings report, Lucid Group missed estimates with an EPS of ($2.80) and reported revenue of $259.43 million, falling short of analyst expectations of $288.10 million.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price was down 8.4% on Tuesday . The company traded as low as $21.50 and last traded at $22.01. Approximately 14,279,041 shares traded hands during mid-day trading, an increase of 23% from the average daily volume of 11,620,206 shares. The stock had previously closed at $24.02.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on LCID shares. Cantor Fitzgerald increased their price target on Lucid Group from $20.00 to $26.00 and gave the stock a "neutral" rating in a research report on Wednesday, September 24th. Stifel Nicolaus set a $2.10 target price on Lucid Group in a research note on Friday, August 29th. Morgan Stanley raised their target price on Lucid Group to $30.00 and gave the stock an "equal weight" rating in a research note on Tuesday, September 2nd. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Lucid Group in a research report on Saturday, September 27th. Two research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat, Lucid Group has a consensus rating of "Reduce" and a consensus target price of $23.85.

Lucid Group Stock Performance

The firm has a market capitalization of $6.76 billion, a price-to-earnings ratio of -1.91 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 stock's 50 day moving average price is $21.76 and its two-hundred day moving average price is $23.34.

Lucid Group (NASDAQ:LCID - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported ($2.80) earnings per share (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 firm had revenue of $259.43 million for the quarter, compared to analyst estimates of $288.10 million. During the same period in the prior year, the business earned ($2.90) earnings per share. Lucid Group's revenue for the quarter was up 29.3% on a year-over-year basis. On average, analysts forecast that Lucid Group, Inc. will post -1.25 EPS for the current year.

Hedge Funds Weigh In On Lucid Group

Hedge funds have recently bought and sold shares of the company. Marshall Wace LLP boosted its holdings in Lucid Group by 2,398.5% in the second 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 period. Norges Bank bought a new position in Lucid Group during the 2nd quarter worth $16,469,000. Linden Advisors LP acquired a new stake in Lucid Group in the second quarter worth $9,885,000. Marex Group plc bought a new stake in Lucid Group in the second quarter valued at $7,613,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Lucid Group by 39.2% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company's stock valued at $25,973,000 after acquiring an additional 3,465,542 shares during the period. 75.17% of the stock is currently owned by institutional investors and hedge funds.

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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