Lucid Group (NASDAQ:LCID) Trading Down 3.9% – Should You Sell?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price traded down 3.9% on Wednesday . The company traded as low as $12.37 and last traded at $12.47. 6,497,906 shares were traded during mid-day trading, a decline of 43% from the average session volume of 11,342,961 shares. The stock had previously closed at $12.97.

Analyst Upgrades and Downgrades

LCID has been the topic of several recent analyst reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a research note on Thursday, November 13th. Morgan Stanley lifted their price target on shares of Lucid Group to $30.00 and gave the stock an “equal weight” rating in a research report on Tuesday, September 2nd. Stifel Nicolaus decreased their price target on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a report on Monday. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Lucid Group in a research report on Wednesday. Two investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average target price of $24.04.

Lucid Group Stock Performance

The stock has a market cap of $4.04 billion, a P/E ratio of -1.16 and a beta of 0.80. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.81 and a quick ratio of 1.34. The stock’s 50 day simple moving average is $19.77 and its two-hundred day simple moving average is $22.08.

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

Institutional Trading of Lucid Group

A number of institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp boosted its position in Lucid Group by 4.5% during the first quarter. Bank of New York Mellon Corp now owns 3,091,063 shares of the company’s stock valued at $7,480,000 after purchasing an additional 132,497 shares during the last quarter. Swiss National Bank raised its stake in shares of Lucid Group by 26.9% during the 1st quarter. Swiss National Bank now owns 2,334,000 shares of the company’s stock worth $5,648,000 after purchasing an additional 495,000 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Lucid Group by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 110,933,835 shares of the company’s stock worth $268,460,000 after purchasing an additional 615,108 shares in the last quarter. Federated Hermes Inc. boosted its holdings in shares of Lucid Group by 36.4% in the 1st quarter. Federated Hermes Inc. now owns 42,855 shares of the company’s stock valued at $104,000 after buying an additional 11,445 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Lucid Group by 54.1% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 258,361 shares of the company’s stock valued at $625,000 after buying an additional 90,677 shares in the last quarter. 75.17% of the stock is currently owned by 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.