Lucid Group (NASDAQ:LCID) Stock Price Down 1.1% - Should You Sell?

Key Points

• Lucid shares fell 1.1% to $4.63 in midday trading, below both their 50-day ($6.17) and 200-day ($7.11) moving averages. Trading volume was 43% below the average session volume.
• Wall Street sentiment remains cautious: analysts’ consensus rating is “Reduce”, with a $9.22 average price target; ratings include one Buy, eight Holds, and three Sells.
• Lucid’s latest quarter showed mixed results, with revenue rising 56.2% year over year to $405.35 million but EPS of negative $2.78 missing estimates. The company continues to report significant losses, including a 249.21% negative net margin.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price was down 1.1% during mid-day trading on Tuesday . The stock traded as low as $4.59 and last traded at $4.63. 7,877,212 shares traded hands during mid-day trading, a decline of 43% from the average session volume of 13,701,156 shares. The stock had previously closed at $4.68.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on LCID. Royal Bank Of Canada reissued a "sector perform" rating and issued a $7.00 price target (down from $8.00) on shares of Lucid Group in a research note on Monday, July 13th. Citigroup dropped their target price on shares of Lucid Group from $14.00 to $11.00 and set a "buy" rating on the stock in a research note on Wednesday, August 19th. Zacks Research upgraded Lucid Group from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 18th. Evercore set a $6.00 price objective on Lucid Group in a research report on Monday, May 11th. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating on shares of Lucid Group in a report on Monday, August 3rd. One analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Reduce" and a consensus target price of $9.22.

Lucid Group Price Performance

The stock has a 50 day moving average of $6.17 and a 200-day moving average of $7.11. The company has a market cap of $1.82 billion, a PE ratio of -0.34 and a beta of 0.81. The company has a debt-to-equity ratio of 3.00, a quick ratio of 0.57 and a current ratio of 1.14.

Lucid Group (NASDAQ:LCID - Get Free Report) last announced its quarterly 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). Lucid Group had a negative net margin of 249.21% and a negative return on equity of 1,391.51%. The company had revenue of $405.35 million during the quarter, compared to analyst estimates of $381.59 million. During the same period in the previous year, the firm posted ($0.24) earnings per share. The company's revenue was up 56.2% compared to the same quarter last year. Equities analysts predict that Lucid Group, Inc. will post -12.15 earnings per share for the current year.

Institutional Trading of Lucid Group

Several institutional investors have recently modified their holdings of LCID. Uber Technologies Inc purchased a new stake in shares of Lucid Group during the third quarter worth approximately $326,283,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Lucid Group by 39.2% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company's stock valued at $25,973,000 after buying an additional 3,465,542 shares during the period. Vanguard Group Inc. boosted its position in shares of Lucid Group by 6.2% during the 4th 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 period. Goldman Sachs Group Inc. lifted its stake in Lucid Group by 112.0% during the first quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company's stock worth $13,166,000 after purchasing an additional 2,874,603 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its stake in Lucid Group by 93.5% during the 2nd quarter. BNP Paribas Financial Markets now owns 4,485,715 shares of the company's stock worth $9,465,000 after acquiring an additional 2,167,882 shares in the last quarter. Institutional investors and hedge funds own 75.17% of the company's stock.

About Lucid Group

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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