Lucid Group (NASDAQ:LCID) Trading Down 2.3% – Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price fell 2.3% during trading on Thursday . The company traded as low as $4.57 and last traded at $4.60. Approximately 11,106,868 shares changed hands during mid-day trading, a decline of 19% from the average session volume of 13,759,554 shares. The stock had previously closed at $4.71.

Wall Street Analysts Forecast Growth

LCID has been the subject of several recent analyst reports. Evercore set a $6.00 price objective on shares of Lucid Group in a report on Monday, May 11th. Royal Bank Of Canada reissued a “sector perform” rating and issued a $7.00 target price (down from $8.00) on shares of Lucid Group in a report on Monday, July 13th. Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a research report on Wednesday, June 24th. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Lucid Group in a report on Monday, August 3rd. Finally, Citigroup cut their price objective on Lucid Group from $14.00 to $11.00 and set a “buy” rating for the company in a research report on Wednesday, August 19th. One equities 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 data from MarketBeat, Lucid Group has an average rating of “Reduce” and a consensus price target of $9.22.

Lucid Group Trading Up 1.7%

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 market cap of $1.84 billion, a P/E ratio of -0.34 and a beta of 0.81. The business has a 50-day moving average price of $6.20 and a two-hundred day moving average price of $7.17.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($2.78) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.36) by ($0.42). The firm had revenue of $405.35 million during 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 was up 56.2% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.24) EPS. On average, analysts predict that Lucid Group, Inc. will post -12.15 EPS for the current year.

Institutional Investors Weigh In On Lucid Group

Several institutional investors have recently modified their holdings of LCID. EverSource Wealth Advisors LLC raised its stake in shares of Lucid Group by 1,574.7% during the first quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company’s stock worth $28,000 after buying an additional 2,740 shares during the last quarter. Brown Advisory Inc. boosted its stake in Lucid Group by 47.5% in the second quarter. Brown Advisory Inc. now owns 15,530 shares of the company’s stock valued at $33,000 after acquiring an additional 5,000 shares during the last quarter. Jump Financial LLC bought a new position in Lucid Group in the second quarter valued at approximately $41,000. Nykredit A S acquired a new stake in Lucid Group during the 2nd quarter worth $47,000. Finally, Worldquant Millennium Advisors LLC acquired a new stake in Lucid Group during the 2nd quarter worth $59,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

Lucid Group Company Profile

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.