Lucid Group (NASDAQ:LCID) Stock Price Down 2.1% – Time to Sell?

Shares of Lucid Group, Inc. (NASDAQ:LCID) fell 2.1% on Tuesday . The stock traded as low as $5.59 and last traded at $5.61. 11,557,912 shares were traded during trading, an increase of 1% from the average session volume of 11,483,387 shares. The stock had previously closed at $5.73.

Analyst Ratings Changes

Several equities research analysts have commented on LCID shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a research report on Friday, March 27th. TD Cowen lowered their price objective on shares of Lucid Group from $10.00 to $7.00 and set a “hold” rating on the stock in a research note on Wednesday, May 6th. Citigroup reiterated a “buy” rating and issued a $14.00 target price (down from $17.00) on shares of Lucid Group in a report on Friday. Zacks Research raised shares of Lucid Group from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 5th. Finally, Morgan Stanley set a $5.00 target price on shares of Lucid Group in a report on Wednesday, May 6th. One equities research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $9.67.

Lucid Group Stock Down 2.1%

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 $2.19 billion, a price-to-earnings ratio of -0.43 and a beta of 0.88. The business’s 50 day moving average is $8.29 and its 200 day moving average is $10.74.

Lucid Group (NASDAQ:LCID) last announced its earnings results on Tuesday, May 5th. The company reported ($3.46) earnings per share (EPS) 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 analyst estimates of $358.46 million. Lucid Group had a negative net margin of 248.09% and a negative return on equity of 304.01%. Lucid Group’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period last year, the firm earned ($0.20) earnings per share. Equities analysts expect that Lucid Group, Inc. will post -10.75 earnings per share for the current year.

Institutional Investors Weigh In On Lucid Group

A number of institutional investors have recently bought and sold shares of LCID. Bank of America Corp DE increased its holdings in shares of Lucid Group by 10.9% in the 1st quarter. Bank of America Corp DE now owns 1,919,073 shares of the company’s stock valued at $18,289,000 after purchasing an additional 189,134 shares during the period. Edgestream Partners L.P. purchased a new position in Lucid Group during the first quarter valued at approximately $976,000. Janus Henderson Group PLC grew its position in Lucid Group by 28.0% during the first quarter. Janus Henderson Group PLC now owns 67,686 shares of the company’s stock valued at $646,000 after purchasing an additional 14,816 shares in the last quarter. Amundi increased its stake in Lucid Group by 23.2% in the 1st quarter. Amundi now owns 48,021 shares of the company’s stock valued at $458,000 after buying an additional 9,053 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its position in Lucid Group by 1,574.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company’s stock worth $28,000 after buying an additional 2,740 shares in the last quarter. 75.17% of the stock is currently owned by institutional investors and hedge funds.

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.