Lucid Group (NASDAQ:LCID) Sets New 52-Week Low – Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $11.31 and last traded at $11.3880, with a volume of 4223899 shares traded. The stock had previously closed at $11.81.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on LCID. Morgan Stanley cut shares of Lucid Group from a “buy” rating to an “underweight” rating and reduced their target price for the company from $30.00 to $10.00 in a research note on Monday, December 8th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Lucid Group in a report on Wednesday, November 19th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a research report on Monday, December 8th. Finally, Stifel Nicolaus decreased their price objective on Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a report on Monday, November 17th. Two investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus target price of $21.54.

Lucid Group Stock Down 3.8%

The stock has a market capitalization of $3.68 billion, a P/E ratio of -1.06 and a beta of 0.87. The company has a current ratio of 1.81, a quick ratio of 1.34 and a debt-to-equity ratio of 1.19. The firm’s fifty day moving average is $16.27 and its 200-day moving average is $20.37.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings data on Wednesday, November 5th. The company reported ($2.65) earnings per share for the quarter, missing the consensus estimate of ($2.32) by ($0.33). Lucid Group had a negative return on equity of 85.13% and a negative net margin of 224.99%.The firm had revenue of $336.58 million for the quarter, compared to analyst estimates of $378.44 million. During the same period in the previous year, the business posted ($2.76) EPS. The business’s quarterly revenue was up 68.3% on a year-over-year basis. As a group, equities research analysts predict that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Institutional Investors Weigh In On Lucid Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Tudor Investment Corp ET AL bought a new position in Lucid Group during the third quarter worth about $1,361,978,000. IFP Advisors Inc raised its position in shares of Lucid Group by 315.0% in the 3rd quarter. IFP Advisors Inc now owns 12,197 shares of the company’s stock valued at $290,000 after acquiring an additional 9,258 shares during the period. Dark Forest Capital Management LP bought a new position in Lucid Group during the 3rd quarter worth approximately $1,229,000. Uber Technologies Inc acquired a new position in Lucid Group during the third quarter valued at approximately $326,283,000. Finally, Paloma Partners Management Co acquired a new position in Lucid Group during the third quarter valued at approximately $1,368,000. Institutional investors own 75.17% of the company’s stock.

About Lucid Group

Lucid Group, Inc a technology company, designs, engineers, manufactures, and sells electric vehicles (EV), EV powertrains, and battery systems. It also designs and develops proprietary software in-house for Lucid vehicles. The company sells vehicles directly to consumers through its retail sales network and direct online sales, including Lucid Financial Services.