Lucid Group (NASDAQ:LCID) Stock Price Down 4.2% - Time to Sell?

Key Points

• Lucid shares fell 4.2% to $3.90 in mid-day trading, well below their 50-day and 200-day moving averages of $5.64 and $6.54.
• Analyst sentiment remains cautious, with one Buy, eight Hold, and three Sell ratings; the stock has an average “Reduce” rating and a $9.22 average price target.
• Lucid missed quarterly EPS estimates, reporting a loss of $2.78 per share versus the expected $2.36 loss, despite revenue rising 56.2% year over year to $405.35 million.

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s stock price traded down 4.2% during mid-day trading on Monday. The stock traded as low as $3.87 and last traded at $3.90. Approximately 10,153,900 shares were traded during mid-day trading, a decline of 25% from the average daily volume of 13,556,435 shares. The stock had previously closed at $4.07.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on LCID. Zacks Research raised Lucid Group from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 18th. Citigroup lowered their price target on Lucid Group from $14.00 to $11.00 and set a "buy" rating on the stock in a research report on Wednesday, August 19th. William Blair lowered Lucid Group to a "market perform" rating in a research note on Monday, August 3rd. Royal Bank Of Canada reissued a "sector perform" rating and set a $7.00 price objective (down from $8.00) on shares of Lucid Group in a report on Monday, July 13th. Finally, Weiss Ratings restated a "sell (e+)" rating on shares of Lucid Group in a research note on Monday, September 21st. One equities research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Reduce" and an average target price of $9.22.

Lucid Group Stock Down 4.2%

The business's 50 day moving average price is $5.64 and its 200-day moving average price is $6.54. The company has a debt-to-equity ratio of 3.00, a current ratio of 1.14 and a quick ratio of 0.57. The company has a market cap of $1.54 billion, a P/E ratio of -0.28 and a beta of 0.81.

Lucid Group (NASDAQ:LCID - Get Free Report) last released its quarterly 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). Lucid Group had a negative return on equity of 1,391.51% and a negative net margin of 249.21%.The business had revenue of $405.35 million for the quarter, compared to the consensus estimate of $381.59 million. During the same quarter last year, the company earned ($0.24) earnings per share. The firm's revenue was up 56.2% on a year-over-year basis. On average, analysts anticipate that Lucid Group, Inc. will post -12.15 earnings per share for the current fiscal year.

Institutional Trading of Lucid Group

Several large investors have recently made changes to their positions in the business. Bank of America Corp DE raised 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 buying an additional 189,134 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in Lucid Group during the 2nd quarter worth about $3,125,000. Lazard Asset Management LLC grew its holdings 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 acquiring an additional 200,604 shares during the last quarter. Calamos Advisors LLC increased its position in Lucid Group by 50.0% in the 1st quarter. Calamos Advisors LLC now owns 225,000 shares of the company's stock valued at $2,144,000 after acquiring an additional 75,000 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new stake in Lucid Group in the 2nd quarter valued at about $1,368,000. 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.

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.