Lucid Group (NASDAQ:LCID) Trading Down 8.2% – Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price was down 8.2% during trading on Thursday . The company traded as low as $9.52 and last traded at $9.53. Approximately 8,821,031 shares were traded during mid-day trading, an increase of 7% from the average daily volume of 8,233,057 shares. The stock had previously closed at $10.38.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on LCID. Robert W. Baird set a $14.00 price objective on Lucid Group in a research report on Tuesday, January 6th. Stifel Nicolaus reduced their price target on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a research note on Monday, November 17th. Royal Bank Of Canada lowered their price objective on shares of Lucid Group from $20.00 to $14.00 and set a “sector perform” rating for the company in a research report on Wednesday, January 14th. Morgan Stanley lowered Lucid Group from a “buy” rating to an “underweight” rating and cut their target price for the company from $30.00 to $10.00 in a research report on Monday, December 8th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a research report on Monday, December 29th. Two analysts have rated the stock with a Buy rating, five have given a Hold rating and five have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average price target of $18.92.

Lucid Group Stock Down 8.2%

The firm has a market cap of $3.09 billion, a PE ratio of -0.89 and a beta of 1.16. The company has a quick ratio of 1.34, a current ratio of 1.81 and a debt-to-equity ratio of 1.19. The business has a 50-day moving average price of $11.56 and a two-hundred day moving average price of $17.51.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings results 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 company had revenue of $336.58 million for the quarter, compared to analysts’ expectations of $378.44 million. Lucid Group had a negative return on equity of 85.13% and a negative net margin of 224.99%.Lucid Group’s revenue for the quarter was up 68.3% compared to the same quarter last year. During the same quarter last year, the company earned ($2.76) EPS. On average, equities research analysts expect that Lucid Group, Inc. will post -1.25 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Valeo Financial Advisors LLC grew its holdings in Lucid Group by 9.7% during the 2nd quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock worth $25,000 after acquiring an additional 1,055 shares in the last quarter. SBI Securities Co. Ltd. lifted its holdings in Lucid Group by 9.6% during the 4th quarter. SBI Securities Co. Ltd. now owns 17,970 shares of the company’s stock worth $190,000 after buying an additional 1,569 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH boosted its position in shares of Lucid Group by 16.0% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 11,645 shares of the company’s stock worth $123,000 after acquiring an additional 1,604 shares in the last quarter. Arizona State Retirement System increased its holdings in shares of Lucid Group by 6.2% in the 4th quarter. Arizona State Retirement System now owns 38,236 shares of the company’s stock valued at $404,000 after acquiring an additional 2,217 shares during the last quarter. Finally, Amalgamated Bank raised its position in shares of Lucid Group by 9.3% during the 2nd quarter. Amalgamated Bank now owns 55,350 shares of the company’s stock worth $117,000 after acquiring an additional 4,720 shares in the last quarter. 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.