Lucid Group (NASDAQ:LCID) Trading Down 2.5% - Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price dropped 2.5% on Monday . The company traded as low as $2.14 and last traded at $2.18. Approximately 77,433,636 shares were traded during trading, an increase of 6% from the average daily volume of 72,889,807 shares. The stock had previously closed at $2.23.

Analysts Set New Price Targets

LCID has been the subject of a number of analyst reports. Cowen initiated coverage on Lucid Group in a report on Thursday, March 6th. They set a "hold" rating for the company. TD Cowen initiated coverage on Lucid Group in a report on Friday, March 7th. They set a "hold" rating and a $2.30 price objective for the company. Cantor Fitzgerald reiterated a "neutral" rating and set a $3.00 price objective on shares of Lucid Group in a report on Wednesday, May 7th. Benchmark reiterated a "buy" rating and set a $5.00 price objective on shares of Lucid Group in a report on Friday, March 7th. Finally, Morgan Stanley upgraded Lucid Group from an "underweight" rating to an "equal weight" rating and set a $3.00 price objective for the company in a report on Tuesday, March 18th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, Lucid Group currently has a consensus rating of "Hold" and an average price target of $2.68.

Lucid Group Stock Performance

The company has a current ratio of 3.71, a quick ratio of 3.26 and a debt-to-equity ratio of 0.77. The firm has a 50-day moving average of $2.48 and a 200-day moving average of $2.58. The stock has a market capitalization of $6.50 billion, a price-to-earnings ratio of -1.59 and a beta of 0.88.

Lucid Group (NASDAQ:LCID - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.01). The firm had revenue of $235.05 million during the quarter, compared to analyst estimates of $250.50 million. Lucid Group had a negative net margin of 406.63% and a negative return on equity of 74.67%. Lucid Group's revenue was up 36.1% on a year-over-year basis. During the same period in the previous year, the company earned ($0.27) earnings per share. As a group, sell-side analysts predict that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Institutional Investors Weigh In On Lucid Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LCID. Sterling Investment Counsel LLC acquired a new stake in Lucid Group during the 1st quarter worth about $25,000. HB Wealth Management LLC acquired a new stake in Lucid Group during the 1st quarter worth about $25,000. Grimes & Company Inc. acquired a new stake in Lucid Group during the 1st quarter worth about $27,000. Integrity Alliance LLC. acquired a new stake in Lucid Group during the 1st quarter worth about $27,000. Finally, Newbridge Financial Services Group Inc. acquired a new stake in Lucid Group during the 4th quarter worth about $28,000. 75.17% of the stock is 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.