Lucid Group (NASDAQ:LCID) Shares Down 6.5% – Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID)’s share price fell 6.5% during mid-day trading on Wednesday. The stock traded as low as $3.80 and last traded at $3.89. 12,708,467 shares traded hands during trading, a decline of 5% from the average daily volume of 13,387,684 shares. The stock had previously closed at $4.16.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. William Blair downgraded shares of Lucid Group to a “market perform” rating in a report on Monday, August 3rd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a research report on Monday, September 21st. Zacks Research upgraded shares of Lucid Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 18th. UBS Group reissued a “hold” rating on shares of Lucid Group in a research report on Tuesday. Finally, Royal Bank Of Canada restated a “sector perform” rating and set a $7.00 price target (down from $8.00) on shares of Lucid Group in a research note on Monday, July 13th. One research analyst has rated the stock with a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus target price of $9.22.

Lucid Group Trading Down 0.9%

The firm has a fifty day moving average of $5.08 and a two-hundred day moving average of $6.16. The company has a market cap of $1.49 billion, a PE ratio of -0.28 and a beta of 1.00.

Lucid Group (NASDAQ:LCID) last released 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 for the quarter, compared to analysts’ expectations 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 for the quarter was up 56.2% compared to the same quarter last year. During the same period last year, the company earned ($0.24) earnings per share. Sell-side analysts expect that Lucid Group, Inc. will post -12.15 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of LCID. EverSource Wealth Advisors LLC lifted its position 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 acquiring an additional 2,740 shares in the last quarter. IFP Advisors Inc grew its position in shares of Lucid Group by 1,231.3% in the second quarter. IFP Advisors Inc now owns 3,781 shares of the company’s stock valued at $25,000 after purchasing an additional 3,497 shares in the last quarter. Allworth Financial LP raised its stake in shares of Lucid Group by 249.9% during the 2nd quarter. Allworth Financial LP now owns 4,010 shares of the company’s stock valued at $27,000 after purchasing an additional 2,864 shares during the period. Nykredit A S purchased a new stake in Lucid Group during the 2nd quarter worth about $47,000. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in Lucid Group during the 4th quarter worth about $77,000. 75.17% of the stock is owned by institutional investors.

About Lucid Group

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

Lucid’s product lineup includes the Lucid Air, a premium electric sedan, and the Lucid Gravity, an electric SUV. The company also develops electric powertrain systems, battery technology and related vehicle software.