Lucid Group (NASDAQ:LCID) Trading Down 4.4% - Time to Sell?

Key Points

• Lucid Group's stock fell 4.4% on Friday, closing at $19.63, with approximately 8.3 million shares traded, significantly lower than its average daily volume.
• Multiple analysts have provided varying ratings on Lucid Group, with a consensus rating of "Reduce" and a target price of $24.24, while Stifel Nicolaus set a much lower target price of $2.10.
• Lucid Group reported a quarterly loss of ($2.80) earnings per share, missing estimates and reflecting a negative net margin of 259.57%, despite a year-over-year revenue increase of 29.3%.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) was down 4.4% on Friday . The stock traded as low as $19.60 and last traded at $19.63. Approximately 8,311,030 shares were traded during trading, a decline of 27% from the average daily volume of 11,447,765 shares. The stock had previously closed at $20.53.

Analyst Upgrades and Downgrades

LCID has been the subject of several analyst reports. Stifel Nicolaus set a $2.10 target price on Lucid Group in a research report on Friday, August 29th. Cantor Fitzgerald raised their target price on Lucid Group from $20.00 to $26.00 and gave the stock a "neutral" rating in a research report on Wednesday, September 24th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Lucid Group in a research report on Wednesday, October 8th. Finally, Morgan Stanley raised their target price on Lucid Group to $30.00 and gave the stock an "equal weight" rating in a research report on Tuesday, September 2nd. Two 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. Based on data from MarketBeat.com, Lucid Group presently has a consensus rating of "Reduce" and a consensus price target of $24.24.

Lucid Group Stock Performance

The company has a debt-to-equity ratio of 0.92, a quick ratio of 2.11 and a current ratio of 2.58. The stock has a fifty day simple moving average of $21.26 and a two-hundred day simple moving average of $23.21. The stock has a market capitalization of $6.03 billion, a price-to-earnings ratio of -1.71 and a beta of 0.81.

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). The business had revenue of $259.43 million for the quarter, compared to analyst estimates of $288.10 million. Lucid Group had a negative return on equity of 79.40% and a negative net margin of 259.57%.The business's revenue was up 29.3% on a year-over-year basis. During the same quarter in the previous year, the business posted ($2.90) earnings per share. Analysts forecast that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

Institutional investors and hedge funds have recently made changes to their positions in the stock. Johnson & White Wealth Management LLC bought a new position in shares of Lucid Group during the 3rd quarter worth about $238,000. HB Wealth Management LLC bought a new position in shares of Lucid Group during the 1st quarter worth about $25,000. Sterling Investment Counsel LLC bought a new position in shares of Lucid Group during the 1st quarter worth about $25,000. Grimes & Company Inc. bought a new position in shares of Lucid Group during the 1st quarter worth about $27,000. Finally, Integrity Alliance LLC. acquired a new stake in shares of Lucid Group in the 1st quarter worth about $27,000. 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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