Lucid Group (NASDAQ:LCID) Stock Price Down 4.9% – Should You Sell?

Lucid Group, Inc. (NASDAQ:LCID) was down 4.9% during trading on Monday . The company traded as low as $5.83 and last traded at $6.03. Approximately 19,646,638 shares changed hands during mid-day trading, an increase of 76% from the average daily volume of 11,141,532 shares. The stock had previously closed at $6.34.

Wall Street Analyst Weigh In

LCID has been the subject of a number of recent analyst reports. Zacks Research upgraded Lucid Group from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 5th. Royal Bank Of Canada reduced their price objective on Lucid Group from $10.00 to $8.00 and set a “sector perform” rating for the company in a research note on Monday, April 13th. Citigroup initiated coverage on Lucid Group in a research note on Wednesday, March 18th. They issued a “buy” rating and a $17.00 price objective for the company. Bank of America initiated coverage on Lucid Group in a research note on Wednesday, March 4th. They issued an “underperform” rating and a $10.00 price objective for the company. Finally, Robert W. Baird set a $6.00 price objective on Lucid Group in a research note on Wednesday, May 6th. One research analyst has rated the stock with a Buy rating, seven have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target of $10.00.

Lucid Group Price Performance

The company has a debt-to-equity ratio of 3.00, a quick ratio of 0.48 and a current ratio of 1.02. The stock has a market cap of $2.09 billion, a P/E ratio of -0.48 and a beta of 0.88. The business has a 50 day simple moving average of $8.53 and a 200-day simple moving average of $11.00.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($3.46) earnings per share for the quarter, missing the consensus estimate of ($2.53) by ($0.93). The firm had revenue of $282.47 million for the quarter, compared to the consensus estimate of $358.46 million. Lucid Group had a negative return on equity of 304.01% and a negative net margin of 248.09%.The firm’s revenue was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.20) EPS. On average, sell-side analysts forecast that Lucid Group, Inc. will post -10.75 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in LCID. Royal Bank of Canada grew its stake in shares of Lucid Group by 9.5% during the 1st quarter. Royal Bank of Canada now owns 110,716 shares of the company’s stock worth $267,000 after acquiring an additional 9,578 shares during the period. AQR Capital Management LLC grew its stake in shares of Lucid Group by 89.9% during the 1st quarter. AQR Capital Management LLC now owns 537,801 shares of the company’s stock worth $1,226,000 after acquiring an additional 254,551 shares during the period. NewEdge Advisors LLC grew its stake in shares of Lucid Group by 103.2% during the 1st quarter. NewEdge Advisors LLC now owns 37,987 shares of the company’s stock worth $92,000 after acquiring an additional 19,294 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of Lucid Group by 112.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock worth $13,166,000 after acquiring an additional 2,874,603 shares during the period. Finally, Empowered Funds LLC grew its stake in shares of Lucid Group by 11.3% during the 1st quarter. Empowered Funds LLC now owns 110,844 shares of the company’s stock worth $268,000 after acquiring an additional 11,252 shares during the period. Institutional investors own 75.17% of the company’s stock.

About Lucid Group

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.