Lucid Group (NASDAQ:LCID) Shares Down 2.4% – Should You Sell?

Lucid Group, Inc. (NASDAQ:LCID)’s share price dropped 2.4% during mid-day trading on Tuesday . The company traded as low as $12.14 and last traded at $12.45. Approximately 9,321,094 shares changed hands during mid-day trading, a decline of 16% from the average daily volume of 11,142,476 shares. The stock had previously closed at $12.76.

Analyst Upgrades and Downgrades

LCID has been the subject of several recent analyst reports. Stifel Nicolaus cut their price target on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a report on Monday, November 17th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a research report on Monday. Cantor Fitzgerald restated an “overweight” rating on shares of Lucid Group in a research report on Wednesday, November 19th. Finally, Morgan Stanley cut Lucid Group from a “buy” rating to an “underweight” rating and lowered their price objective for the stock from $30.00 to $10.00 in a report on Monday. Two analysts have rated the stock with a Buy rating, five have given a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Lucid Group currently has an average rating of “Reduce” and an average target price of $21.54.

Lucid Group Stock Performance

The company has a current ratio of 1.81, a quick ratio of 1.34 and a debt-to-equity ratio of 1.19. The stock’s fifty day simple moving average is $17.43 and its 200 day simple moving average is $20.87. The company has a market cap of $4.04 billion, a price-to-earnings ratio of -1.16 and a beta of 0.87.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings results on Wednesday, November 5th. The company reported ($2.65) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.32) by ($0.33). Lucid Group had a negative net margin of 224.99% and a negative return on equity of 85.13%. The company had revenue of $336.58 million during the quarter, compared to analysts’ expectations of $378.44 million. During the same quarter last year, the company earned ($2.76) earnings per share. Lucid Group’s revenue for the quarter was up 68.3% on a year-over-year basis. As a group, analysts anticipate that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. HITE Hedge Asset Management LLC acquired a new position in shares of Lucid Group during the 3rd quarter valued at about $212,000. Johnson & White Wealth Management LLC acquired a new stake in Lucid Group during the third quarter worth about $238,000. Integrity Alliance LLC. purchased a new position in Lucid Group during the first quarter worth about $27,000. Sapient Capital LLC purchased a new position in Lucid Group during the third quarter worth about $287,000. Finally, Valeo Financial Advisors LLC boosted its holdings in Lucid Group by 9.7% in the 2nd quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock valued at $25,000 after purchasing an additional 1,055 shares during the last quarter. Hedge funds and other institutional investors 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.