Lucid Group (NASDAQ:LCID) Stock Falls 3.4% – Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID) fell 3.4% on Monday. The company traded as low as $3.38 and last traded at $3.40. 6,991,733 shares changed hands during trading, a decline of 47% from the average session volume of 13,277,306 shares. The stock had previously closed at $3.52.

Wall Street Analyst Weigh In

LCID has been the topic of a number of research analyst reports. Citigroup reduced their price target on shares of Lucid Group from $14.00 to $11.00 and set a “buy” rating on the stock in a research note on Wednesday, August 19th. Cantor Fitzgerald reiterated a “neutral” rating on shares of Lucid Group in a research note on Monday, October 12th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a research report on Monday, September 21st. William Blair lowered shares of Lucid Group to a “market perform” rating in a research note on Monday, August 3rd. Finally, Royal Bank Of Canada lowered their target price on shares of Lucid Group from $7.00 to $4.00 and set a “sector perform” rating on the stock in a research report on Monday, October 12th. One equities research analyst has rated the stock with a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Reduce” and an average price target of $8.67.

Lucid Group Stock Performance

The business has a fifty day moving average price of $4.30 and a 200 day moving average price of $5.66. The company has a market capitalization of $1.34 billion, a PE ratio of -0.25 and a beta of 1.00.

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

Institutional Investors Weigh In On Lucid Group

Several institutional investors have recently bought and sold shares of the business. Bank of America Corp DE increased its position in shares of 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 worth $18,289,000 after acquiring an additional 189,134 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Lucid Group by 11.8% during the first quarter. Bank of New York Mellon Corp now owns 449,196 shares of the company’s stock worth $4,281,000 after purchasing an additional 47,427 shares in the last quarter. Lazard Asset Management LLC boosted its position in shares of Lucid Group by 192.6% in 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 period. Calamos Advisors LLC boosted its position in shares of Lucid Group by 50.0% in the first quarter. Calamos Advisors LLC now owns 225,000 shares of the company’s stock worth $2,144,000 after buying an additional 75,000 shares during the period. Finally, Quantinno Capital Management LP grew its stake in shares of Lucid Group by 246.0% in the first quarter. Quantinno Capital Management LP now owns 202,651 shares of the company’s stock valued at $1,931,000 after buying an additional 144,089 shares in the last quarter. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

About Lucid Group

Lucid Group, Inc is an electric vehicle and technology company headquartered in Newark, California. Through its Lucid Motors subsidiary, the company designs, engineers, and manufactures premium electric vehicles, with an emphasis on range, energy efficiency, performance, and advanced in-car technology.

Lucid’s vehicle lineup includes the Lucid Air luxury electric sedan and the Lucid Gravity electric SUV. The company also develops electric powertrains, battery systems, software, and other technologies for its vehicles.