Lucid Group (NASDAQ:LCID) Stock Price Down 2.4% – Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID)’s share price was down 2.4% during trading on Tuesday . The company traded as low as $2.64 and last traded at $2.69. Approximately 18,977,147 shares were traded during trading, a decline of 77% from the average daily volume of 82,284,906 shares. The stock had previously closed at $2.75.

Analysts Set New Price Targets

A number of analysts recently weighed in on LCID shares. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. Cfra set a $2.00 price objective on shares of Lucid Group in a research report on Thursday, October 17th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research report on Tuesday, January 7th. Robert W. Baird reissued a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a report on Monday, October 7th. Finally, Royal Bank of Canada cut their price target on Lucid Group from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research note on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $3.04.

Lucid Group Stock Up 0.7 %

The firm’s 50 day simple moving average is $2.70 and its 200-day simple moving average is $3.04. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The company has a market cap of $8.34 billion, a price-to-earnings ratio of -2.07 and a beta of 0.94.

Lucid Group (NASDAQ:LCID) last announced its earnings results on Thursday, November 7th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.09). The firm had revenue of $200.04 million during the quarter, compared to analyst estimates of $199.50 million. Lucid Group had a negative net margin of 406.63% and a negative return on equity of 74.67%. During the same period last year, the company earned ($0.28) earnings per share. As a group, sell-side analysts anticipate that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Insider Transactions at Lucid Group

In other Lucid Group news, Director Public Investment Fund purchased 374,717,927 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The stock was purchased at an average price of $2.59 per share, for a total transaction of $970,519,430.93. Following the purchase, the director now directly owns 8,041,393 shares in the company, valued at approximately $20,827,207.87. This trade represents a -102.19 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 61.26% of the company’s stock.

Institutional Investors Weigh In On Lucid Group

Institutional investors and hedge funds have recently made changes to their positions in the business. Newbridge Financial Services Group Inc. purchased a new position in shares of Lucid Group during the fourth quarter worth about $28,000. Empowered Funds LLC acquired a new stake in Lucid Group during the 4th quarter worth approximately $301,000. Lecap Asset Management Ltd. purchased a new position in shares of Lucid Group in the 4th quarter valued at approximately $861,000. Stratos Wealth Partners LTD. raised its stake in shares of Lucid Group by 46.5% during the fourth quarter. Stratos Wealth Partners LTD. now owns 20,706 shares of the company’s stock worth $63,000 after purchasing an additional 6,577 shares during the last quarter. Finally, Yousif Capital Management LLC purchased a new stake in shares of Lucid Group during the fourth quarter worth approximately $32,000. 75.17% of the stock is owned by hedge funds and other institutional investors.

Lucid Group Company Profile

Lucid Group, Inc a technology company, designs, engineers, manufactures, and sells electric vehicles (EV), EV powertrains, and battery systems. It also designs and develops proprietary software in-house for Lucid vehicles. The company sells vehicles directly to consumers through its retail sales network and direct online sales, including Lucid Financial Services.