Lucid Group (NASDAQ:LCID) Stock Price Down 2.8% – Should You Sell?

Shares of Lucid Group, Inc. (NASDAQ:LCID) were down 2.8% during mid-day trading on Tuesday . The stock traded as low as $10.74 and last traded at $10.94. Approximately 7,456,900 shares changed hands during trading, an increase of 14% from the average daily volume of 6,518,184 shares. The stock had previously closed at $11.26.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Stifel Nicolaus reduced their target price on Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a research note on Monday, November 17th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a report on Monday, December 29th. Morgan Stanley lowered shares of Lucid Group from a “buy” rating to an “underweight” rating and decreased their price objective for the stock from $30.00 to $10.00 in a report on Monday, December 8th. Cantor Fitzgerald reissued an “overweight” rating on shares of Lucid Group in a research report on Wednesday, November 19th. Finally, Robert W. Baird set a $14.00 target price on shares of Lucid Group in a research note on Tuesday, January 6th. Two investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $19.54.

Lucid Group Trading Down 2.8%

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 business’s fifty day simple moving average is $12.94 and its 200 day simple moving average is $18.84. The stock has a market cap of $3.55 billion, a price-to-earnings ratio of -1.02 and a beta of 0.89.

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

Institutional Trading of Lucid Group

Institutional investors and hedge funds have recently made changes to their positions in the stock. SG Americas Securities LLC boosted its position in Lucid Group by 65.9% during the 4th quarter. SG Americas Securities LLC now owns 181,153 shares of the company’s stock valued at $1,915,000 after purchasing an additional 71,966 shares during the period. Tudor Investment Corp ET AL acquired a new stake in Lucid Group in the third quarter worth $1,361,978,000. IFP Advisors Inc increased its position in Lucid Group by 315.0% in the third quarter. IFP Advisors Inc now owns 12,197 shares of the company’s stock worth $290,000 after buying an additional 9,258 shares during the period. Dark Forest Capital Management LP bought a new stake in Lucid Group in the third quarter valued at $1,229,000. Finally, Uber Technologies Inc acquired a new position in shares of Lucid Group during the third quarter valued at $326,283,000. 75.17% of the stock is currently owned by institutional investors and hedge funds.

About Lucid Group

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.