Lucid Group (NASDAQ:LCID) Stock Price Down 2.6% – Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID) traded down 2.6% during trading on Monday . The stock traded as low as $11.09 and last traded at $11.11. 6,807,921 shares traded hands during trading, a decline of 38% from the average session volume of 10,900,313 shares. The stock had previously closed at $11.41.

Analyst Upgrades and Downgrades

Several equities analysts have commented on LCID shares. Stifel Nicolaus decreased their price objective on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a report on Monday, November 17th. Cantor Fitzgerald restated an “overweight” rating on shares of Lucid Group in a research note on Wednesday, November 19th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a research note on Monday, December 22nd. Finally, Morgan Stanley cut shares of Lucid Group from a “buy” rating to an “underweight” rating and lowered their target price for the stock from $30.00 to $10.00 in a report on Monday, December 8th. Two equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, Lucid Group has an average rating of “Reduce” and an average price target of $21.54.

Lucid Group Price Performance

The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.34 and a current ratio of 1.81. The company has a market cap of $3.60 billion, a price-to-earnings ratio of -1.04 and a beta of 0.86. The business has a fifty day moving average price of $14.51 and a 200 day moving average price of $19.65.

Lucid Group (NASDAQ:LCID) last issued its earnings results on Wednesday, November 5th. The company reported ($2.65) EPS for the quarter, missing the consensus estimate of ($2.32) by ($0.33). Lucid Group had a negative return on equity of 85.13% and a negative net margin of 224.99%.The business had revenue of $336.58 million for the quarter, compared to analyst estimates of $378.44 million. During the same period in the previous year, the firm posted ($2.76) EPS. The firm’s revenue was up 68.3% compared to the same quarter last year. As a group, research analysts anticipate that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Hedge Funds Weigh In On Lucid Group

A number of hedge funds have recently made changes to their positions in the stock. Valeo Financial Advisors LLC boosted its stake in shares of Lucid Group by 9.7% in the 2nd quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock valued at $25,000 after purchasing an additional 1,055 shares during the last quarter. Amalgamated Bank grew its holdings in Lucid Group by 9.3% during the 2nd quarter. Amalgamated Bank now owns 55,350 shares of the company’s stock worth $117,000 after acquiring an additional 4,720 shares during the period. Heritage Wealth Advisors raised its position in shares of Lucid Group by 43.5% in the 2nd quarter. Heritage Wealth Advisors now owns 16,500 shares of the company’s stock worth $35,000 after acquiring an additional 5,000 shares in the last quarter. Brown Advisory Inc. lifted its stake in Lucid Group by 47.5% in the second quarter. Brown Advisory Inc. now owns 15,530 shares of the company’s stock valued at $33,000 after buying an additional 5,000 shares during the period. Finally, Envestnet Asset Management Inc. lifted its position in shares of Lucid Group by 13.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 41,340 shares of the company’s stock valued at $87,000 after acquiring an additional 5,013 shares during the period. 75.17% of the stock is currently owned by institutional investors.

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.