Lucid Group (NASDAQ:LCID) Shares Down 9.2% – Should You Sell?

Lucid Group, Inc. (NASDAQ:LCID) shares dropped 9.2% during trading on Friday. The stock traded as low as $2.94 and last traded at $2.96. 20,133,205 shares changed hands during trading, an increase of 51% from the average daily volume of 13,373,601 shares. The stock had previously closed at $3.26.

Wall Street Analysts Forecast Growth

LCID has been the topic of a number of recent research reports. Zacks Research upgraded shares of Lucid Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 18th. William Blair cut shares of Lucid Group to a “market perform” rating in a report on Monday, August 3rd. TD Cowen reiterated a “hold” rating and issued a $4.00 price objective (down from $7.00) on shares of Lucid Group in a report on Tuesday. Robert W. Baird lowered their target price on shares of Lucid Group from $6.00 to $5.00 and set a “neutral” rating on the stock in a research report on Tuesday. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a report on Monday, September 21st. One analyst has rated the stock with a Buy rating, ten have given a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Lucid Group presently has a consensus rating of “Reduce” and a consensus price target of $7.11.

Lucid Group Trading Down 9.5%

The company has a fifty day moving average of $3.76 and a two-hundred day moving average of $6.57. The stock has a market capitalization of $1.16 billion, a price-to-earnings ratio of -0.22 and a beta of 0.80.

Lucid Group (NASDAQ:LCID) last announced its earnings results on Monday, November 9th. The company reported ($2.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.27) by ($0.03). Lucid Group had a negative return on equity of 1,391.51% and a negative net margin of 253.58%. The company had revenue of $350.32 million for the quarter, compared to the consensus estimate of $395.67 million. During the same period in the previous year, the company earned ($2.65) EPS. The firm’s revenue for the quarter was up 4.1% compared to the same quarter last year. As a group, sell-side analysts predict that Lucid Group, Inc. will post -11.56 earnings per share for the current fiscal year.

Institutional Trading of Lucid Group

A number of institutional investors and hedge funds have recently modified their holdings of LCID. EverSource Wealth Advisors LLC boosted its holdings in shares of Lucid Group by 1,574.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company’s stock worth $28,000 after buying an additional 2,740 shares during the period. IFP Advisors Inc grew its stake in Lucid Group by 1,231.3% in the 2nd quarter. IFP Advisors Inc now owns 3,781 shares of the company’s stock valued at $25,000 after buying an additional 3,497 shares during the last quarter. Allworth Financial LP raised its holdings in Lucid Group by 249.9% in the 2nd quarter. Allworth Financial LP now owns 4,010 shares of the company’s stock worth $27,000 after acquiring an additional 2,864 shares during the period. Nykredit A S bought a new position in Lucid Group in the 2nd quarter worth $47,000. Finally, Meeder Advisory Services Inc. bought a new position in Lucid Group in the 1st quarter worth $98,000. 75.17% of the stock is currently owned by institutional investors and hedge funds.

Lucid Group Company Profile

Lucid Group, Inc. designs, engineers and manufactures electric vehicles and related technologies. Its lineup includes the Lucid Air luxury electric sedan and the Lucid Gravity luxury SUV, which combine electric powertrains with software and battery systems developed by the company. The company was founded in 2007 as Atieva, initially focusing on electric-vehicle battery technology, and adopted the Lucid Motors name in 2016 as it expanded into vehicle development. Lucid is headquartered in Newark, California, and manufactures vehicles in Arizona, with additional production and assembly operations in Saudi Arabia.