Lucid Group (NASDAQ:LCID) Hits New 52-Week Low – Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID) shares reached a new 52-week low during trading on Wednesday . The company traded as low as $9.50 and last traded at $9.73, with a volume of 10363432 shares. The stock had previously closed at $10.12.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on LCID shares. Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a research report on Monday, December 29th. Stifel Nicolaus lowered their target price on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a research report on Monday, November 17th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Lucid Group in a research report on Wednesday, November 19th. 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 on the stock in a research report on Wednesday, January 14th. Finally, Morgan Stanley lowered shares of Lucid Group from a “buy” rating to an “underweight” rating and dropped their price objective for the company 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 issued a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $18.92.

Lucid Group Trading Down 3.9%

The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.34 and a current ratio of 1.81. The stock has a market capitalization of $3.15 billion, a PE ratio of -0.91 and a beta of 0.89. The business’s 50-day moving average is $12.11 and its two-hundred day moving average is $18.38.

Lucid Group (NASDAQ:LCID) last released its earnings results on Wednesday, November 5th. The company reported ($2.65) EPS 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 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 quarter last year, the business posted ($2.76) EPS. As a group, equities research analysts anticipate that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Hedge Funds Weigh In On Lucid Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Tudor Investment Corp ET AL purchased a new position in shares of Lucid Group during the 3rd quarter worth approximately $1,361,978,000. Geode Capital Management LLC raised its position in Lucid Group by 7.4% in the second quarter. Geode Capital Management LLC now owns 22,642,839 shares of the company’s stock worth $47,784,000 after acquiring an additional 1,554,419 shares in the last quarter. Uber Technologies Inc acquired a new stake in Lucid Group in the third quarter valued at $326,283,000. Marshall Wace LLP boosted its position in shares of Lucid Group by 2,398.5% during the 2nd quarter. Marshall Wace LLP now owns 12,652,537 shares of the company’s stock worth $26,697,000 after purchasing an additional 12,146,136 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Lucid Group by 39.2% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company’s stock worth $25,973,000 after purchasing an additional 3,465,542 shares during the period. Institutional investors and hedge funds own 75.17% of the company’s stock.

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.