Lucid Group (NASDAQ:LCID) Stock Price Down 2.1% - Time to Sell?

Key Points

• Lucid shares fell 2.1% to $3.29 in mid-day trading, with volume 21% above the average. The stock remains below its 50-day and 200-day moving averages of $4.83 and $6.01, respectively.
• Analyst sentiment is cautious: LCID has a consensus “Reduce” rating, with one Buy, nine Hold, and three Sell ratings. The average price target is $8.89, although RBC recently cut its target to $4.00.
• Lucid reported quarterly revenue of $405.35 million, beating expectations, but its adjusted loss of $2.78 per share was worse than forecast. The company posted deeply negative margins and return on equity, while institutional investors own 75.17% of its shares.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) shares were down 2.1% during mid-day trading on Wednesday. The stock traded as low as $3.14 and last traded at $3.29. 16,161,808 shares changed hands during mid-day trading, an increase of 21% from the average daily volume of 13,355,157 shares. The stock had previously closed at $3.36.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on LCID shares. William Blair cut shares of Lucid Group to a "market perform" rating in a research report on Monday, August 3rd. UBS Group reiterated a "hold" rating on shares of Lucid Group in a research report on Tuesday, October 6th. Zacks Research raised shares of Lucid Group from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 18th. Royal Bank Of Canada decreased their price objective on shares of Lucid Group from $7.00 to $4.00 and set a "sector perform" rating on the stock in a report on Monday. Finally, Citigroup lowered their price objective on shares of Lucid Group from $14.00 to $11.00 and set a "buy" rating for the company in a research report on Wednesday, August 19th. One research analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Reduce" and an average price target of $8.89.

Lucid Group Price Performance

The stock has a 50 day moving average price of $4.83 and a two-hundred day moving average price of $6.01. The firm has a market capitalization of $1.30 billion, a price-to-earnings ratio of -0.24 and a beta of 1.00.

Lucid Group (NASDAQ:LCID - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The company reported ($2.78) earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $405.35 million during the quarter, compared to analysts' expectations of $381.59 million. During the same quarter in the prior year, the firm posted ($0.24) EPS. Lucid Group's quarterly revenue was up 56.2% compared to the same quarter last year. As a group, research analysts expect that Lucid Group, Inc. will post -12.15 earnings per share for the current fiscal year.

Institutional Trading of Lucid Group

Hedge funds have recently made changes to their positions in the business. Bank of America Corp DE grew its holdings in shares of 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 valued at $18,289,000 after purchasing an additional 189,134 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Lucid Group by 11.8% during the 1st quarter. Bank of New York Mellon Corp now owns 449,196 shares of the company's stock worth $4,281,000 after purchasing an additional 47,427 shares in the last quarter. Lazard Asset Management LLC grew its stake in Lucid Group by 192.6% during the 1st quarter. Lazard Asset Management LLC now owns 304,737 shares of the company's stock worth $2,904,000 after purchasing an additional 200,604 shares in the last quarter. Calamos Advisors LLC increased its holdings in 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 purchasing an additional 75,000 shares during the period. Finally, Quantinno Capital Management LP increased its holdings in Lucid Group by 246.0% during the 1st quarter. Quantinno Capital Management LP now owns 202,651 shares of the company's stock worth $1,931,000 after purchasing an additional 144,089 shares during the period. Institutional investors and hedge funds own 75.17% of the company's stock.

About Lucid Group

Lucid Group, Inc is an electric vehicle company headquartered in Newark, California. Through its Lucid Motors subsidiary, the company designs, engineers and manufactures luxury electric vehicles, with a focus on long range, performance, efficiency and advanced in-vehicle technology.

Lucid's product lineup includes the Lucid Air, a premium electric sedan, and the Lucid Gravity, an electric SUV. The company also develops electric powertrain systems, battery technology and related vehicle software.

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