Lucid Group (NASDAQ:LCID) Shares Down 3.9% – Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID) dropped 3.9% on Tuesday . The company traded as low as $9.50 and last traded at $9.73. Approximately 10,323,134 shares changed hands during mid-day trading, an increase of 38% from the average daily volume of 7,488,839 shares. The stock had previously closed at $10.12.

Wall Street Analyst Weigh In

LCID has been the subject of several research analyst reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a research note on Monday, December 29th. Stifel Nicolaus cut their target price on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a research note on Monday, November 17th. Royal Bank Of Canada lowered their price objective on Lucid Group from $20.00 to $14.00 and set a “sector perform” rating on the stock in a report on Wednesday, January 14th. Cantor Fitzgerald restated an “overweight” rating on shares of Lucid Group in a research report on Wednesday, November 19th. Finally, Morgan Stanley cut shares of Lucid Group from a “buy” rating to an “underweight” rating and lowered their target price for the stock from $30.00 to $10.00 in a research note on Monday, December 8th. Two investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus target price of $18.92.

Lucid Group Stock Performance

The stock’s 50-day simple moving average is $12.26 and its 200 day simple moving average is $18.45. The company has a market capitalization of $3.15 billion, a PE ratio of -0.91 and a beta of 0.89. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.34 and a current ratio of 1.81.

Lucid Group (NASDAQ:LCID) last released 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 firm 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% on a year-over-year basis. During the same period last year, the firm posted ($2.76) earnings per share. As a group, research analysts expect that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

Several hedge funds have recently added to or reduced their stakes in LCID. SG Americas Securities LLC lifted its holdings in shares of Lucid Group by 65.9% in 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 last quarter. Tudor Investment Corp ET AL acquired a new position in Lucid Group during the third quarter worth approximately $1,361,978,000. IFP Advisors Inc lifted its stake in Lucid Group by 315.0% in the third quarter. IFP Advisors Inc now owns 12,197 shares of the company’s stock valued at $290,000 after buying an additional 9,258 shares during the last quarter. Dark Forest Capital Management LP acquired a new stake in shares of Lucid Group in the third quarter valued at approximately $1,229,000. Finally, Uber Technologies Inc purchased a new position in shares of Lucid Group during the third quarter worth approximately $326,283,000. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

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.