Lucid Group (NASDAQ:LCID) Shares Down 2.1% - Should You Sell?

Key Points

• Lucid shares fell 2.1% to $4.18, with trading volume 33% below the stock’s average daily volume.
• Analyst sentiment remains cautious: the stock has a consensus “Reduce” rating, with one Buy, eight Hold, and three Sell ratings; the average price target is $9.22.
• Lucid reported a quarterly EPS loss of $2.78, worse than the expected $2.36 loss, despite revenue of $405.35 million that exceeded estimates and grew 56.2% year over year.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price dropped 2.1% during trading on Thursday . The stock traded as low as $4.12 and last traded at $4.18. 9,224,338 shares traded hands during trading, a decline of 33% from the average daily volume of 13,688,734 shares. The stock had previously closed at $4.27.

Analysts Set New Price Targets

A number of equities analysts have recently commented on LCID shares. Cantor Fitzgerald reissued a "neutral" rating on shares of Lucid Group in a research report on Monday, August 3rd. Zacks Research raised shares of Lucid Group from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 18th. William Blair lowered shares of Lucid Group to a "market perform" rating in a research note on Monday, August 3rd. Weiss Ratings reiterated a "sell (e+)" rating on shares of Lucid Group in a report on Wednesday, June 24th. Finally, Royal Bank Of Canada reiterated a "sector perform" rating and issued a $7.00 price objective (down from $8.00) on shares of Lucid Group in a research note on Monday, July 13th. One research analyst has rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Reduce" and an average price target of $9.22.

Lucid Group Stock Performance

The company has a quick ratio of 0.57, a current ratio of 1.14 and a debt-to-equity ratio of 3.00. The stock has a fifty day simple moving average of $6.08 and a 200-day simple moving average of $7.04. The company has a market capitalization of $1.65 billion, a P/E ratio of -0.31 and a beta of 0.81.

Lucid Group (NASDAQ:LCID - Get Free Report) last announced its earnings results on Tuesday, August 4th. The company reported ($2.78) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($2.36) by ($0.42). The firm had revenue of $405.35 million for the quarter, compared to analyst estimates of $381.59 million. Lucid Group had a negative return on equity of 1,391.51% and a negative net margin of 249.21%.The company's revenue for the quarter was up 56.2% compared to the same quarter last year. During the same quarter last year, the business earned ($0.24) EPS. Equities analysts forecast that Lucid Group, Inc. will post -12.15 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. Uber Technologies Inc bought a new position in Lucid Group in the 3rd quarter valued at $326,283,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew 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 worth $25,973,000 after purchasing an additional 3,465,542 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Lucid Group by 6.2% during the fourth quarter. Vanguard Group Inc. now owns 12,061,286 shares of the company's stock worth $127,488,000 after purchasing an additional 701,826 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Lucid Group by 112.0% in the first quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company's stock valued at $13,166,000 after buying an additional 2,874,603 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its stake in shares of Lucid Group by 93.5% in the second quarter. BNP Paribas Financial Markets now owns 4,485,715 shares of the company's stock valued at $9,465,000 after buying an additional 2,167,882 shares in the last quarter. Institutional investors own 75.17% of the company's stock.

Lucid Group Company Profile

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.

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