Lucid Group (NASDAQ:LCID) Shares Down 2.3% – Should You Sell?

Lucid Group, Inc. (NASDAQ:LCID) traded down 2.3% during mid-day trading on Thursday . The company traded as low as $4.57 and last traded at $4.60. 11,106,868 shares changed hands during trading, a decline of 19% from the average session volume of 13,759,554 shares. The stock had previously closed at $4.71.

Analysts Set New Price Targets

A number of research firms recently weighed in on LCID. William Blair lowered shares of Lucid Group to a “market perform” rating in a report on Monday, August 3rd. Morgan Stanley set a $5.00 price target on Lucid Group in a research note on Wednesday, May 6th. Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a report on Wednesday, June 24th. Citigroup lowered their price objective on Lucid Group from $14.00 to $11.00 and set a “buy” rating for the company in a research note on Wednesday, August 19th. Finally, TD Cowen dropped their target price on Lucid Group from $10.00 to $7.00 and set a “hold” rating on the stock in a report on Wednesday, May 6th. One analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, Lucid Group has a consensus rating of “Reduce” and a consensus target price of $9.22.

Lucid Group Stock Performance

The company’s 50 day moving average price is $6.24 and its 200-day moving average price is $7.23. The stock has a market cap of $1.81 billion, a P/E ratio of -0.34 and a beta of 0.81. The company has a debt-to-equity ratio of 3.00, a quick ratio of 0.57 and a current ratio of 1.14.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings results on Tuesday, August 4th. The company reported ($2.78) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.36) by ($0.42). Lucid Group had a negative net margin of 249.21% and a negative return on equity of 1,391.51%. The firm had revenue of $405.35 million for the quarter, compared to the consensus estimate of $381.59 million. During the same period in the previous year, the business earned ($0.24) earnings per share. The firm’s revenue for the quarter was up 56.2% on a year-over-year basis. Equities analysts forecast that Lucid Group, Inc. will post -12.15 EPS for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently modified their holdings of LCID. Royal Bank of Canada grew its position 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 valued at $267,000 after acquiring an additional 9,578 shares during the period. AQR Capital Management LLC lifted its stake in Lucid Group by 89.9% in the first quarter. AQR Capital Management LLC now owns 537,801 shares of the company’s stock valued at $1,226,000 after purchasing an additional 254,551 shares during the last quarter. NewEdge Advisors LLC grew its holdings in Lucid Group by 103.2% during the first quarter. NewEdge Advisors LLC now owns 37,987 shares of the company’s stock valued at $92,000 after purchasing an additional 19,294 shares during the period. Goldman Sachs Group Inc. increased its position in Lucid Group by 112.0% in the first quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock worth $13,166,000 after buying an additional 2,874,603 shares during the last quarter. Finally, Empowered Funds LLC increased its position in Lucid Group by 11.3% in the first quarter. Empowered Funds LLC now owns 110,844 shares of the company’s stock worth $268,000 after buying an additional 11,252 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 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.