Lucid Group (NASDAQ:LCID) Shares Down 7.3% - Time to Sell?

Key Points

• Shares of Lucid Group (NASDAQ:LCID) fell 7.3%, closing at $2.59, significantly decreasing from a previous close of $2.79.
• The company reported a quarterly earnings miss with an EPS of ($0.24), which was below analyst expectations and saw a 36.1% year-over-year revenue increase to $235.05 million.
• Analyst ratings indicate a consensus of "Hold," with a target price of $2.68, with 8 hold ratings, 2 buy ratings, and 2 sell ratings issued.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price fell 7.3% during mid-day trading on Tuesday . The company traded as low as $2.56 and last traded at $2.59. 52,568,403 shares were traded during mid-day trading, a decline of 56% from the average session volume of 119,940,688 shares. The stock had previously closed at $2.79.

Wall Street Analysts Forecast Growth

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

Lucid Group Price Performance

The stock has a market cap of $7.12 billion, a price-to-earnings ratio of -1.92 and a beta of 0.78. The company has a 50-day moving average of $2.37 and a 200-day moving average of $2.51. The company has a debt-to-equity ratio of 0.65, a quick ratio of 2.97 and a current ratio of 3.32.

Lucid Group (NASDAQ:LCID - Get Free Report) last issued its quarterly 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 company 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 275.73% and a negative return on equity of 68.64%. The business's revenue was up 36.1% on a year-over-year basis. During the same quarter last year, the firm earned ($0.27) EPS. As a group, equities research analysts predict that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Institutional Trading of Lucid Group

Several hedge funds have recently made changes to their positions in LCID. Raymond James Financial Inc. acquired a new stake in shares of Lucid Group in the 4th quarter worth $780,000. American Century Companies Inc. increased its position in Lucid Group by 12.8% during the 4th quarter. American Century Companies Inc. now owns 83,632 shares of the company's stock worth $253,000 after purchasing an additional 9,475 shares during the period. Sei Investments Co. increased its position in Lucid Group by 14.0% during the 4th quarter. Sei Investments Co. now owns 36,031 shares of the company's stock worth $109,000 after purchasing an additional 4,431 shares during the period. KLP Kapitalforvaltning AS acquired a new position in Lucid Group during the 4th quarter worth approximately $547,000. Finally, LPL Financial LLC increased its position in Lucid Group by 15.8% during the 4th quarter. LPL Financial LLC now owns 293,090 shares of the company's stock worth $885,000 after purchasing an additional 39,945 shares during the period. Institutional investors and hedge funds 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.