Lucid Group (NASDAQ:LCID) Stock Price Down 2.1% – Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price traded down 2.1% during mid-day trading on Tuesday . The stock traded as low as $5.59 and last traded at $5.61. 11,557,912 shares traded hands during trading, an increase of 1% from the average session volume of 11,483,387 shares. The stock had previously closed at $5.73.

Analyst Ratings Changes

Several research analysts have weighed in on LCID shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a research report on Friday, March 27th. Robert W. Baird set a $6.00 price target on Lucid Group in a research note on Wednesday, May 6th. Zacks Research upgraded Lucid Group from a “strong sell” rating to a “hold” rating in a report on Thursday, March 5th. TD Cowen cut their price objective on shares of Lucid Group from $10.00 to $7.00 and set a “hold” rating on the stock in a research report on Wednesday, May 6th. Finally, Bank of America started coverage on shares of Lucid Group in a research note on Wednesday, March 4th. They issued an “underperform” rating and a $10.00 target price for the company. One investment analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, Lucid Group has a consensus rating of “Reduce” and a consensus price target of $9.67.

Lucid Group Stock Down 2.1%

The firm’s 50-day simple moving average is $8.29 and its 200-day simple moving average is $10.74. The company has a debt-to-equity ratio of 3.00, a quick ratio of 0.48 and a current ratio of 1.02. The company has a market capitalization of $2.19 billion, a price-to-earnings ratio of -0.43 and a beta of 0.88.

Lucid Group (NASDAQ:LCID) last released its earnings results on Tuesday, May 5th. The company reported ($3.46) earnings per share for the quarter, missing the consensus estimate of ($2.53) by ($0.93). Lucid Group had a negative net margin of 248.09% and a negative return on equity of 304.01%. The company had revenue of $282.47 million during the quarter, compared to the consensus estimate of $358.46 million. During the same quarter in the previous year, the business posted ($0.20) EPS. The firm’s quarterly revenue was up 20.2% on a year-over-year basis. Sell-side analysts forecast that Lucid Group, Inc. will post -10.75 earnings per share for the current year.

Institutional Trading of Lucid Group

A number of institutional investors and hedge funds have recently modified their holdings of the company. Bank of America Corp DE boosted its stake in Lucid Group by 10.9% during the first quarter. Bank of America Corp DE now owns 1,919,073 shares of the company’s stock worth $18,289,000 after buying an additional 189,134 shares in the last quarter. Edgestream Partners L.P. acquired a new position in shares of Lucid Group in the 1st quarter valued at $976,000. Janus Henderson Group PLC lifted its holdings in shares of Lucid Group by 28.0% during the 1st quarter. Janus Henderson Group PLC now owns 67,686 shares of the company’s stock worth $646,000 after acquiring an additional 14,816 shares during the period. Amundi lifted its holdings in shares of Lucid Group by 23.2% during the 1st quarter. Amundi now owns 48,021 shares of the company’s stock worth $458,000 after acquiring an additional 9,053 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Lucid Group by 1,574.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company’s stock valued at $28,000 after acquiring an additional 2,740 shares in the last quarter. 75.17% of the stock is currently owned by institutional investors.

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.