Lucid Group (NASDAQ:LCID) Stock Price Down 2.7% – Should You Sell?

Shares of Lucid Group, Inc. (NASDAQ:LCID) were down 2.7% during mid-day trading on Wednesday . The stock traded as low as $2.67 and last traded at $2.70. Approximately 17,287,463 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 81,421,320 shares. The stock had previously closed at $2.77.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on LCID. R. F. Lafferty raised Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price for the company in a report on Monday, November 11th. Robert W. Baird reissued a “neutral” rating and issued a $3.00 price objective on shares of Lucid Group in a research note on Monday, October 7th. Royal Bank of Canada lowered their target price on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research note on Tuesday, November 19th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research report on Friday, November 8th. Finally, Cfra set a $2.00 price target on shares of Lucid Group in a research report on Thursday, October 17th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company. According to MarketBeat.com, Lucid Group has an average rating of “Hold” and a consensus target price of $3.04.

Lucid Group Trading Up 1.5 %

The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The company’s 50-day moving average is $2.74 and its 200-day moving average is $3.03. The stock has a market capitalization of $8.31 billion, a price-to-earnings ratio of -2.06 and a beta of 0.94.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.09). Lucid Group had a negative return on equity of 74.67% and a negative net margin of 406.63%. The firm had revenue of $200.04 million for the quarter, compared to analyst estimates of $199.50 million. During the same quarter in the prior year, the business earned ($0.28) EPS. Research analysts anticipate that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

Several large investors have recently modified their holdings of LCID. Charles Schwab Investment Management Inc. raised its holdings in Lucid Group by 84.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company’s stock valued at $17,991,000 after buying an additional 2,335,452 shares during the period. Van ECK Associates Corp increased its position in shares of Lucid Group by 103.3% during the fourth quarter. Van ECK Associates Corp now owns 1,246,461 shares of the company’s stock valued at $3,764,000 after acquiring an additional 633,410 shares during the last quarter. State of New Jersey Common Pension Fund D raised its stake in shares of Lucid Group by 114.7% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 999,601 shares of the company’s stock valued at $3,019,000 after acquiring an additional 533,973 shares during the period. Point72 Italy S.r.l. acquired a new position in shares of Lucid Group in the 3rd quarter worth approximately $3,209,000. Finally, New York State Common Retirement Fund boosted its position in shares of Lucid Group by 5.7% during the 4th quarter. New York State Common Retirement Fund now owns 517,238 shares of the company’s stock worth $1,562,000 after purchasing an additional 28,000 shares during the period. Institutional investors and hedge funds own 75.17% of the company’s stock.

Lucid Group Company Profile

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.