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

Key Points

• Lucid shares fell 1.9% to $4.07 in mid-day trading, with volume below the average session level.
• Analyst sentiment is largely cautious: the stock has a consensus “Reduce” rating, with eight Holds and three Sells versus one Buy, and an average price target of $9.22.
• Lucid remains financially challenged, reporting a larger-than-expected quarterly loss of $2.78 per share despite revenue exceeding estimates; analysts expect a full-year loss of $12.15 per share.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price fell 1.9% during mid-day trading on Friday. The stock traded as low as $4.01 and last traded at $4.07. 8,304,591 shares traded hands during mid-day trading, a decline of 39% from the average session volume of 13,577,062 shares. The stock had previously closed at $4.15.

Analyst Ratings Changes

A number of research analysts have recently commented on LCID shares. Cantor Fitzgerald restated a "neutral" rating on shares of Lucid Group in a report on Monday. William Blair cut Lucid Group to a "market perform" rating in a research note 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. Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $7.00 price objective (down from $8.00) on shares of Lucid Group in a research report on Monday, July 13th. Finally, Citigroup dropped their price target on Lucid Group from $14.00 to $11.00 and set a "buy" rating on the stock in a research note on Wednesday, August 19th. One analyst has rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, Lucid Group presently has a consensus rating of "Reduce" and an average target price of $9.22.

Lucid Group Price 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 firm has a market capitalization of $1.60 billion, a price-to-earnings ratio of -0.30 and a beta of 0.81. The stock's 50-day moving average price is $5.71 and its 200 day moving average price is $6.59.

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

Institutional Trading of Lucid Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. HBK Investments L P grew its stake in shares of Lucid Group by 217.9% in the second quarter. HBK Investments L P now owns 33,070 shares of the company's stock valued at $221,000 after buying an additional 22,667 shares in the last quarter. Tidal Investments LLC boosted its holdings in Lucid Group by 34.6% during the 2nd quarter. Tidal Investments LLC now owns 32,446 shares of the company's stock valued at $217,000 after acquiring an additional 8,347 shares during the period. Engineers Gate Manager LP purchased a new position in Lucid Group during the 2nd quarter valued at about $694,000. Integrated Wealth Concepts LLC acquired a new position in Lucid Group in the 2nd quarter valued at about $129,000. Finally, IFP Advisors Inc grew its position in Lucid Group by 1,231.3% in the 2nd quarter. IFP Advisors Inc now owns 3,781 shares of the company's stock valued at $25,000 after acquiring an additional 3,497 shares in the last quarter. Hedge funds and other institutional investors own 75.17% of the company's stock.

Lucid Group Company Profile

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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