Lucid Group (NASDAQ:LCID) Trading Down 4.2% – Should You Sell?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price traded down 4.2% during trading on Thursday . The company traded as low as $9.56 and last traded at $9.84. 7,422,573 shares traded hands during trading, a decline of 3% from the average session volume of 7,669,593 shares. The stock had previously closed at $10.27.

Analyst Ratings Changes

A number of equities analysts have issued reports on LCID shares. Robert W. Baird set a $14.00 price objective on shares of Lucid Group in a research report on Tuesday, January 6th. Benchmark restated a “buy” rating on shares of Lucid Group in a report on Thursday, February 19th. Morgan Stanley lowered 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 research report on Monday, December 8th. Cantor Fitzgerald cut their price objective on Lucid Group from $21.00 to $14.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 25th. Finally, Royal Bank Of Canada reissued a “sector perform” rating and set a $10.00 target price on shares of Lucid Group in a research note on Wednesday, February 25th. One research analyst has rated the stock with a Buy rating, five have issued a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Reduce” and an average price target of $18.50.

Lucid Group Stock Performance

The company has a 50 day moving average of $10.60 and a two-hundred day moving average of $15.31. The company has a debt-to-equity ratio of 3.00, a current ratio of 1.25 and a quick ratio of 0.83. The company has a market capitalization of $3.19 billion, a PE ratio of -0.81 and a beta of 1.12.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings data on Tuesday, February 24th. The company reported ($3.08) EPS for the quarter, missing the consensus estimate of ($2.49) by ($0.59). The firm had revenue of $522.73 million for the quarter, compared to analysts’ expectations of $473.08 million. Lucid Group had a negative net margin of 207.87% and a negative return on equity of 138.82%. The business’s quarterly revenue was up 122.9% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.22) EPS. 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

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Tudor Investment Corp ET AL bought a new position in shares of Lucid Group during the third quarter valued at approximately $1,361,978,000. Uber Technologies Inc purchased a new stake in shares of Lucid Group in the 3rd quarter worth approximately $326,283,000. Marshall Wace LLP increased its position in 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 buying an additional 12,146,136 shares in the last quarter. Norges Bank purchased a new position in Lucid Group during the second quarter valued at $16,469,000. Finally, Linden Advisors LP bought a new stake in Lucid Group in the second quarter worth $9,885,000. Hedge funds and other institutional investors 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.