Lucid Group (NASDAQ:LCID) Stock Price Down 3.2% - Time to Sell?

Key Points

• Lucid Group shares fell 3.2% to $4.85 in midday trading, below both its 50-day ($6.27) and 200-day ($7.35) moving averages.
• Analyst sentiment is cautious: LCID has an average “Reduce” rating, with one Buy, eight Hold, and three Sell ratings; the average price target is $9.22.
• The company reported a quarterly loss of $2.78 per share, missing estimates, despite revenue rising 56.2% year over year to $405.35 million. Lucid remains deeply unprofitable, with a projected full-year loss of $12.15 per share.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) was down 3.2% on Monday . The stock traded as low as $4.82 and last traded at $4.85. Approximately 10,782,765 shares changed hands during mid-day trading, a decline of 22% from the average session volume of 13,814,163 shares. The stock had previously closed at $5.01.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on LCID shares. Weiss Ratings reissued a "sell (e+)" rating on shares of Lucid Group in a report on Wednesday, June 24th. Zacks Research upgraded shares of Lucid Group from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 18th. TD Cowen reduced their target price on shares of Lucid Group from $10.00 to $7.00 and set a "hold" rating for the company in a research note on Wednesday, May 6th. William Blair lowered shares of Lucid Group to a "market perform" rating in a research note on Monday, August 3rd. Finally, Robert W. Baird set a $6.00 price target on Lucid Group in a report on Wednesday, May 6th. One research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Reduce" and an average price target of $9.22.

Lucid Group Stock Performance

The company has a market cap of $1.91 billion, a P/E ratio of -0.35 and a beta of 0.83. 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 company has a 50 day moving average price of $6.27 and a 200-day moving average price of $7.35.

Lucid Group (NASDAQ:LCID - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The company reported ($2.78) earnings per share for the quarter, missing analysts' consensus estimates of ($2.36) by ($0.42). The company 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 for the quarter was up 56.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.24) earnings per share. Equities analysts expect that Lucid Group, Inc. will post -12.15 EPS for the current fiscal year.

Institutional Trading of Lucid Group

A number of institutional investors have recently made changes to their positions in LCID. Royal Bank of Canada boosted its stake in Lucid Group by 9.5% during the 1st quarter. Royal Bank of Canada now owns 110,716 shares of the company's stock valued at $267,000 after purchasing an additional 9,578 shares in the last quarter. AQR Capital Management LLC lifted its holdings in shares of Lucid Group by 89.9% in the first quarter. AQR Capital Management LLC now owns 537,801 shares of the company's stock valued at $1,226,000 after buying an additional 254,551 shares during the period. NewEdge Advisors LLC boosted its stake in Lucid Group by 103.2% during the first quarter. NewEdge Advisors LLC now owns 37,987 shares of the company's stock valued at $92,000 after buying an additional 19,294 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings 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 acquiring an additional 2,874,603 shares during the period. Finally, Empowered Funds LLC grew its holdings in Lucid Group by 11.3% during the first quarter. Empowered Funds LLC now owns 110,844 shares of the company's stock worth $268,000 after acquiring an additional 11,252 shares during the period. 75.17% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source