Lucid Group (NASDAQ:LCID) Stock Price Down 1.1% – Should You Sell?

by · The Markets Daily

Lucid Group, Inc. (NASDAQ:LCID – Get Free Report) shares dropped 1.1% during trading on Tuesday . The company traded as low as $4.59 and last traded at $4.63. Approximately 7,877,212 shares were traded during mid-day trading, a decline of 43% from the average daily volume of 13,701,156 shares. The stock had previously closed at $4.68.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on LCID shares. Citigroup lowered their price objective on Lucid Group from $14.00 to $11.00 and set a “buy” rating on the stock in a research report on Wednesday, August 19th. William Blair lowered shares of Lucid Group to a “market perform” rating in a report on Monday, August 3rd. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $7.00 price target (down from $8.00) on shares of Lucid Group in a report on Monday, July 13th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a research report on Wednesday, June 24th. Finally, Zacks Research upgraded shares of Lucid Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 18th. One equities research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus target price of $9.22.

View Our Latest Report on LCID

Lucid Group Price Performance

The stock has a 50 day moving average of $6.08 and a 200-day moving average of $7.04. The company has a current ratio of 1.14, a quick ratio of 0.57 and a debt-to-equity ratio of 3.00. The stock has a market capitalization of $1.65 billion, a P/E ratio of -0.31 and a beta of 0.81.

Lucid Group (NASDAQ:LCID – Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($2.78) EPS for the quarter, missing the consensus estimate 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 business had revenue of $405.35 million during the quarter, compared to the consensus estimate of $381.59 million. During the same period last year, the company earned ($0.24) EPS. The business’s revenue was up 56.2% compared to the same quarter last year. On average, equities research analysts anticipate that Lucid Group, Inc. will post -12.15 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lucid Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Uber Technologies Inc purchased a new position in Lucid Group in the third quarter worth $326,283,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Lucid Group by 39.2% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company’s stock worth $25,973,000 after purchasing an additional 3,465,542 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in 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 buying an additional 2,874,603 shares during the last quarter. BNP Paribas Financial Markets increased its position in Lucid Group by 93.5% during the 2nd quarter. BNP Paribas Financial Markets now owns 4,485,715 shares of the company’s stock valued at $9,465,000 after buying an additional 2,167,882 shares in the last quarter. Finally, HRT Financial LP raised its stake in Lucid Group by 148.1% in the second quarter. HRT Financial LP now owns 3,465,146 shares of the company’s stock valued at $7,311,000 after buying an additional 2,068,440 shares during the last quarter. Institutional investors own 75.17% of the company’s stock.

About Lucid Group

(Get Free Report)

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.

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