Lucid Group (NASDAQ:LCID) Shares Down 2.1% – Should You Sell?

Lucid Group, Inc. (NASDAQ:LCID) shares fell 2.1% on Thursday . The stock traded as low as $4.12 and last traded at $4.18. 9,224,338 shares traded hands during mid-day trading, a decline of 33% from the average daily volume of 13,688,734 shares. The stock had previously closed at $4.27.

Analysts Set New Price Targets

Several research firms have recently commented on LCID. Royal Bank Of Canada reissued a “sector perform” rating and set a $7.00 price target (down from $8.00) on shares of Lucid Group in a research note on Monday, July 13th. Citigroup reduced their price objective on Lucid Group from $14.00 to $11.00 and set a “buy” rating on the stock in a report on Wednesday, August 19th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a research report on Wednesday, June 24th. Cantor Fitzgerald reissued a “neutral” rating on shares of Lucid Group in a research note on Monday, August 3rd. Finally, William Blair downgraded Lucid Group to a “market perform” rating in a research report on Monday, August 3rd. One research analyst has rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Reduce” and an average target price of $9.22.

Lucid Group Stock Down 2.1%

The firm’s 50 day moving average price is $6.08 and its 200-day moving average price is $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 company has a market cap of $1.65 billion, a P/E ratio of -0.31 and a beta of 0.81.

Lucid Group (NASDAQ:LCID) last posted 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 return on equity of 1,391.51% and a negative net margin of 249.21%.The business had revenue of $405.35 million for the quarter, compared to the consensus estimate of $381.59 million. During the same period last year, the firm earned ($0.24) earnings per share. The company’s quarterly revenue was up 56.2% on a year-over-year basis. As a group, equities research analysts expect that Lucid Group, Inc. will post -12.15 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Bank of America Corp DE increased its holdings in Lucid Group by 10.9% in the first 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 last quarter. Lazard Asset Management LLC boosted its holdings in Lucid Group by 192.6% during the first quarter. Lazard Asset Management LLC now owns 304,737 shares of the company’s stock worth $2,904,000 after buying an additional 200,604 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Lucid Group during the 2nd quarter worth about $3,125,000. Vanguard Group Inc. grew its position in shares of Lucid Group by 6.2% during the 4th quarter. Vanguard Group Inc. now owns 12,061,286 shares of the company’s stock worth $127,488,000 after buying an additional 701,826 shares during the period. Finally, Virtu Financial LLC bought a new stake in shares of Lucid Group in the 4th quarter valued at about $1,355,000. Institutional investors and hedge funds 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.