Lucid Group (NASDAQ:LCID) Stock Falls 1.8% – Should You Sell?

Lucid Group, Inc. (NASDAQ:LCID) traded down 1.8% during trading on Wednesday. The stock traded as low as $3.20 and last traded at $3.21. 10,637,666 shares changed hands during trading, a decline of 20% from the average daily volume of 13,324,244 shares. The stock had previously closed at $3.27.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. William Blair lowered shares of Lucid Group to a “market perform” rating in a report on Monday, August 3rd. Zacks Research upgraded Lucid Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 18th. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Lucid Group in a report on Monday, October 12th. Morgan Stanley reduced their price target on Lucid Group from $5.00 to $3.00 and set an “underweight” rating for the company in a research report on Thursday, October 15th. Finally, Citigroup decreased their price target on Lucid Group from $14.00 to $11.00 and set a “buy” rating for the company in a report on Wednesday, August 19th. One equities research analyst has rated the stock with a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, Lucid Group presently has an average rating of “Reduce” and an average price target of $8.67.

Lucid Group Trading Up 2.7%

The company has a market cap of $1.40 billion, a price-to-earnings ratio of -0.26 and a beta of 1.00. The business has a fifty day moving average of $4.35 and a two-hundred day moving average of $5.70.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings data on Tuesday, August 4th. The company reported ($2.78) EPS for the quarter, missing the consensus estimate of ($2.36) by ($0.42). The business had revenue of $405.35 million during the quarter, compared to analyst estimates of $381.59 million. Lucid Group had a negative net margin of 249.21% and a negative return on equity of 1,391.51%. The firm’s revenue for the quarter was up 56.2% on a year-over-year basis. During the same period in the previous year, the business posted ($0.24) earnings per share. On average, research analysts forecast that Lucid Group, Inc. will post -12.15 EPS for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

A number of large investors have recently added to or reduced their stakes in the stock. Vontobel Holding Ltd. increased its stake in shares of Lucid Group by 445.8% during the third quarter. Vontobel Holding Ltd. now owns 96,674 shares of the company’s stock worth $393,000 after purchasing an additional 124,630 shares in the last quarter. HBK Investments L P boosted its holdings in Lucid Group by 217.9% in the 2nd quarter. HBK Investments L P now owns 33,070 shares of the company’s stock worth $221,000 after buying an additional 22,667 shares during the last quarter. Tidal Investments LLC boosted its holdings in Lucid Group by 34.6% in the 2nd quarter. Tidal Investments LLC now owns 32,446 shares of the company’s stock worth $217,000 after buying an additional 8,347 shares during the last quarter. Engineers Gate Manager LP purchased a new stake in Lucid Group during the 2nd quarter worth approximately $694,000. Finally, Integrated Wealth Concepts LLC purchased a new stake in Lucid Group during the 2nd quarter worth approximately $129,000. 75.17% of the stock is currently owned by institutional investors and hedge funds.

Lucid Group Company Profile

Lucid Group, Inc is an electric vehicle and technology company headquartered in Newark, California. Through its Lucid Motors subsidiary, the company designs, engineers, and manufactures premium electric vehicles, with an emphasis on range, energy efficiency, performance, and advanced in-car technology.

Lucid’s vehicle lineup includes the Lucid Air luxury electric sedan and the Lucid Gravity electric SUV. The company also develops electric powertrains, battery systems, software, and other technologies for its vehicles.