Lucid Group (NASDAQ:LCID) Shares Down 3.9% – Should You Sell?

Lucid Group, Inc. (NASDAQ:LCID)’s share price traded down 3.9% during trading on Tuesday . The company traded as low as $9.50 and last traded at $9.73. 10,323,134 shares were traded during mid-day trading, an increase of 38% from the average session volume of 7,488,839 shares. The stock had previously closed at $10.12.

Wall Street Analyst Weigh In

Several research analysts have commented on LCID shares. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Lucid Group in a research note on Wednesday, November 19th. Morgan Stanley cut shares of Lucid Group from a “buy” rating to an “underweight” rating and dropped their price target for the stock from $30.00 to $10.00 in a research note on Monday, December 8th. Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a research report on Monday, December 29th. Royal Bank Of Canada decreased their price objective on shares of Lucid Group from $20.00 to $14.00 and set a “sector perform” rating for the company in a research note on Wednesday, January 14th. Finally, Robert W. Baird set a $14.00 target price on Lucid Group in a research note on Tuesday, January 6th. Two analysts have rated the stock with a Buy rating, six have given a Hold rating and four have given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Reduce” and an average price target of $18.92.

Lucid Group Trading Down 3.9%

The company has a quick ratio of 1.34, a current ratio of 1.81 and a debt-to-equity ratio of 1.19. The company has a market capitalization of $3.15 billion, a PE ratio of -0.91 and a beta of 0.89. The stock’s 50 day moving average is $12.26 and its two-hundred day moving average is $18.45.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in LCID. Tudor Investment Corp ET AL acquired a new stake in Lucid Group during the 3rd quarter worth about $1,361,978,000. Uber Technologies Inc acquired a new stake in shares of Lucid Group during the 3rd quarter worth approximately $326,283,000. Marshall Wace LLP boosted its holdings in Lucid Group by 2,398.5% during the second quarter. Marshall Wace LLP now owns 12,652,537 shares of the company’s stock worth $26,697,000 after buying an additional 12,146,136 shares in the last quarter. Norges Bank acquired a new stake in Lucid Group during the second quarter valued at $16,469,000. Finally, Linden Advisors LP purchased a new position in Lucid Group in the second quarter valued at $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.