Lucid Group (NASDAQ:LCID) Stock Price Down 3.7% - Time to Sell?

Key Points

• Lucid shares fell 3.7% to $4.16 during mid-day trading, well below the 50-day and 200-day moving averages of $5.79 and $6.67, respectively.
• Analyst sentiment remains cautious: the stock has a consensus “Reduce” rating and a $9.22 price target, with eight Hold ratings, three Sell ratings, and one Buy rating. Citigroup lowered its target to $11, while RBC cut its target to $7.
• Lucid’s latest quarterly results showed a $2.78 per-share loss, worse than the expected $2.36 loss, despite revenue rising 56.2% year over year to $405.35 million; institutional investors own 75.17% of the company.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) was down 3.7% during mid-day trading on Wednesday . The company traded as low as $4.09 and last traded at $4.16. 10,829,843 shares traded hands during trading, a decline of 21% from the average daily volume of 13,636,319 shares. The stock had previously closed at $4.32.

Analyst Upgrades and Downgrades

LCID has been the topic of several research reports. Citigroup cut 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. William Blair downgraded shares of Lucid Group to a "market perform" rating in a report on Monday, August 3rd. Weiss Ratings reissued a "sell (e+)" rating on shares of Lucid Group in a research note on Monday. Cantor Fitzgerald restated a "neutral" rating on shares of Lucid Group in a report on Monday. Finally, Royal Bank Of Canada restated a "sector perform" rating and issued a $7.00 price target (down from $8.00) on shares of Lucid Group in a research report on Monday, July 13th. One investment 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. Based on data from MarketBeat.com, the stock has a consensus rating of "Reduce" and a consensus price target of $9.22.

Lucid Group Stock Down 3.7%

The company has a market cap of $1.64 billion, a price-to-earnings ratio of -0.30 and a beta of 0.81. The company has a current ratio of 1.14, a quick ratio of 0.57 and a debt-to-equity ratio of 3.00. The business has a fifty day moving average price of $5.79 and a two-hundred day moving average price of $6.67.

Lucid Group (NASDAQ:LCID - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($2.78) 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 company had revenue of $405.35 million for the quarter, compared to analysts' expectations of $381.59 million. During the same quarter in the prior year, the firm earned ($0.24) earnings per share. The company's revenue was up 56.2% on a year-over-year basis. On average, equities analysts predict that Lucid Group, Inc. will post -12.15 earnings per share for the current year.

Institutional Trading of Lucid Group

Institutional investors have recently modified their holdings of the company. HBK Investments L P lifted its position in Lucid Group by 217.9% in the second quarter. HBK Investments L P now owns 33,070 shares of the company's stock worth $221,000 after purchasing an additional 22,667 shares during the period. Tidal Investments LLC increased its holdings in Lucid Group by 34.6% in the 2nd quarter. Tidal Investments LLC now owns 32,446 shares of the company's stock valued at $217,000 after buying an additional 8,347 shares during the period. Engineers Gate Manager LP acquired a new position in shares of Lucid Group in the 2nd quarter valued at $694,000. Integrated Wealth Concepts LLC acquired a new position in shares of Lucid Group in the 2nd quarter valued at $129,000. Finally, IFP Advisors Inc lifted its holdings in shares of Lucid Group by 1,231.3% during the 2nd quarter. IFP Advisors Inc now owns 3,781 shares of the company's stock worth $25,000 after acquiring an additional 3,497 shares during the period. Institutional investors and hedge funds 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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