Lucid Group (NASDAQ:LCID) Shares Gap Down – Time to Sell?

Shares of Lucid Group, Inc. (NASDAQ:LCID) gapped down prior to trading on Monday . The stock had previously closed at $13.42, but opened at $12.90. Lucid Group shares last traded at $12.66, with a volume of 2,498,546 shares trading hands.

Analysts Set New Price Targets

LCID has been the topic of several recent research reports. Cantor Fitzgerald reiterated an “overweight” rating on shares of Lucid Group in a report on Wednesday, November 19th. Stifel Nicolaus decreased their price objective on Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a research note on Monday, November 17th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a report on Monday. Finally, Morgan Stanley cut shares of Lucid Group from a “buy” rating to an “underweight” rating and lowered their price target for the company from $30.00 to $10.00 in a report on Monday. Two 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 MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus price target of $21.54.

Lucid Group Stock Performance

The stock has a market capitalization of $4.01 billion, a price-to-earnings ratio of -1.16 and a beta of 0.86. 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 has a 50-day moving average of $17.21 and a 200-day moving average of $20.75.

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

Institutional Trading of Lucid Group

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Tudor Investment Corp ET AL acquired a new position in Lucid Group in the third quarter valued at approximately $1,361,978,000. Uber Technologies Inc acquired a new stake in shares of Lucid Group during the 3rd quarter worth approximately $326,283,000. Marshall Wace LLP increased its holdings in shares of Lucid Group by 2,398.5% during the 2nd quarter. Marshall Wace LLP now owns 12,652,537 shares of the company’s stock valued at $26,697,000 after purchasing an additional 12,146,136 shares in the last quarter. Norges Bank acquired a new position in shares of Lucid Group in the 2nd quarter valued at $16,469,000. Finally, Linden Advisors LP purchased a new stake in Lucid Group during the second quarter worth $9,885,000. 75.17% of the stock is owned by institutional investors and hedge funds.

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.