Lucid Group (NASDAQ:LCID) Stock Price Down 1.9% - Time to Sell?

Key Points

• Lucid shares fell 1.9% to $4.04 in mid-day trading, below both its 50-day moving average of $5.91 and 200-day moving average of $6.88.
• Analyst sentiment remains cautious: MarketBeat reports a consensus rating of “Reduce”, with one Buy, eight Hold, and three Sell ratings, alongside an average price target of $9.22.
• Lucid’s latest quarter showed revenue growth of 56.2% to $405.35 million, but the company missed EPS expectations and posted a $2.78 loss per share, a negative net margin of 249.21%, and a debt-to-equity ratio of 3.00.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares traded down 1.9% during mid-day trading on Wednesday . The stock traded as low as $3.94 and last traded at $4.04. 11,191,655 shares were traded during trading, a decline of 18% from the average daily volume of 13,649,813 shares. The stock had previously closed at $4.12.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Cantor Fitzgerald reiterated a "neutral" rating on shares of Lucid Group in a research report on Monday, August 3rd. Weiss Ratings restated a "sell (e+)" rating on shares of Lucid Group in a report on Wednesday, June 24th. Zacks Research raised shares of Lucid Group from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 18th. Citigroup lowered their price target on shares of Lucid Group from $14.00 to $11.00 and set a "buy" rating for the company in a report on Wednesday, August 19th. Finally, 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 report on Monday, July 13th. One research analyst has rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Reduce" and an average price target of $9.22.

Lucid Group Trading Down 1.9%

The company has a debt-to-equity ratio of 3.00, a quick ratio of 0.57 and a current ratio of 1.14. The stock has a market capitalization of $1.59 billion, a P/E ratio of -0.30 and a beta of 0.81. The stock has a 50-day moving average price of $5.91 and a two-hundred day moving average price of $6.88.

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

Institutional Investors Weigh In On Lucid Group

Institutional investors and hedge funds have recently modified their holdings of the stock. Bank of America Corp DE raised its stake in Lucid Group by 10.9% in the first quarter. Bank of America Corp DE now owns 1,919,073 shares of the company's stock worth $18,289,000 after buying an additional 189,134 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in Lucid Group during the 2nd quarter valued at approximately $3,125,000. Lazard Asset Management LLC boosted its position in Lucid Group by 192.6% during the 1st quarter. Lazard Asset Management LLC now owns 304,737 shares of the company's stock valued at $2,904,000 after acquiring an additional 200,604 shares in the last quarter. Calamos Advisors LLC grew its holdings in shares of Lucid Group by 50.0% during the 1st quarter. Calamos Advisors LLC now owns 225,000 shares of the company's stock worth $2,144,000 after acquiring an additional 75,000 shares during the period. Finally, Headlands Technologies LLC purchased a new position in shares of Lucid Group during the 2nd quarter worth approximately $1,368,000. 75.17% of the stock is owned by hedge funds and other institutional investors.

About Lucid Group

Lucid Group, Inc is an electric vehicle (EV) manufacturer that develops, engineers and produces luxury electric cars and SUVs. The company's operations include vehicle design, battery systems, electric powertrains, software and charging technologies, with an emphasis on range, performance and interior space.

Lucid's primary vehicle is the Lucid Air, a luxury electric sedan. The company has also introduced the Lucid Gravity, an electric SUV designed to expand its presence in the premium sport utility vehicle market.

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