Lucid Group (NASDAQ:LCID) Shares Down 3.4% – Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID) was down 3.4% during mid-day trading on Friday . The company traded as low as $11.32 and last traded at $11.41. Approximately 5,970,071 shares changed hands during trading, a decline of 45% from the average daily volume of 10,916,421 shares. The stock had previously closed at $11.81.

Analyst Ratings Changes

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

Lucid Group Price Performance

The company has a 50 day simple moving average of $14.68 and a 200 day simple moving average of $19.72. The company has a market capitalization of $3.70 billion, a price-to-earnings ratio of -1.07 and a beta of 0.86. The company has a quick ratio of 1.34, a current ratio of 1.81 and a debt-to-equity ratio of 1.19.

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

Hedge Funds Weigh In On Lucid Group

A number of institutional investors and hedge funds have recently bought and sold shares of LCID. Tudor Investment Corp ET AL acquired a new stake in Lucid Group in the third quarter valued at approximately $1,361,978,000. Uber Technologies Inc acquired a new position in shares of Lucid Group during the third quarter worth $326,283,000. Marshall Wace LLP boosted its stake in shares of Lucid Group by 2,398.5% in the second quarter. Marshall Wace LLP now owns 12,652,537 shares of the company’s stock valued at $26,697,000 after purchasing an additional 12,146,136 shares during the period. Norges Bank acquired a new stake in Lucid Group during the 2nd quarter valued at $16,469,000. Finally, Linden Advisors LP acquired a new stake in Lucid Group during the 2nd quarter valued at $9,885,000. Hedge funds and other institutional investors own 75.17% of the company’s stock.

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.