Lucid Group (NASDAQ:LCID) Stock Falls 6.5% – Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID) shares were down 6.5% on Wednesday. The stock traded as low as $3.80 and last traded at $3.89. 12,708,467 shares changed hands during trading, a decline of 5% from the average daily volume of 13,387,684 shares. The stock had previously closed at $4.16.

Trending Headlines about Lucid Group

Here are the key news stories impacting Lucid Group this week:

• Positive Sentiment: Lucid delivered 3,806 vehicles in the third quarter while producing 2,954, allowing it to reduce finished-vehicle inventory by 852 units. Management says the production reset is intended to better align output with near-term demand and improve operations. Lucid Announces Q3 Production and Deliveries
• Positive Sentiment: Some analysts continue to see potential upside from future catalysts, including new products and operational improvements. Barron’s noted that the stock could rise substantially if Lucid successfully executes its strategy, while Cantor Fitzgerald maintained its Hold rating rather than issuing a downgrade. Cantor Fitzgerald Holds Rating

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a research note on Monday, September 21st. Royal Bank Of Canada reiterated a “sector perform” rating and set a $7.00 price objective (down from $8.00) on shares of Lucid Group in a research report on Monday, July 13th. UBS Group reaffirmed a “hold” rating on shares of Lucid Group in a research note on Tuesday. William Blair downgraded shares of Lucid Group to a “market perform” rating in a report on Monday, August 3rd. Finally, Citigroup dropped their price target on Lucid Group from $14.00 to $11.00 and set a “buy” rating for the company in a research note on Wednesday, August 19th. One research analyst has rated the stock with a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Reduce” and an average price target of $9.22.

Lucid Group Stock Performance

The business’s fifty day moving average is $5.25 and its 200-day moving average is $6.25. The firm has a market cap of $1.53 billion, a P/E ratio of -0.28 and a beta of 1.00.

Lucid Group (NASDAQ:LCID) last posted its earnings results on Tuesday, August 4th. The company reported ($2.78) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.36) by ($0.42). Lucid Group had a negative return on equity of 1,391.51% and a negative net margin of 249.21%.The business had revenue of $405.35 million for the quarter, compared to the consensus estimate of $381.59 million. During the same period in the previous year, the firm earned ($0.24) earnings per share. The company’s revenue was up 56.2% compared to the same quarter last year. Analysts predict that Lucid Group, Inc. will post -12.15 EPS for the current fiscal year.

Institutional Trading of Lucid Group

A number of institutional investors and hedge funds have recently bought and sold shares of LCID. Bank of New York Mellon Corp purchased a new position in Lucid Group during the 2nd quarter worth $3,125,000. Headlands Technologies LLC purchased a new stake in shares of Lucid Group in the second quarter valued at about $1,368,000. Lazard Asset Management LLC lifted its position in shares of Lucid Group by 192.6% during the first quarter. Lazard Asset Management LLC now owns 304,737 shares of the company’s stock valued at $2,904,000 after purchasing an additional 200,604 shares in the last quarter. Bank of America Corp DE lifted its position in shares of 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 valued at $18,289,000 after purchasing an additional 189,134 shares in the last quarter. Finally, Quantinno Capital Management LP boosted its holdings in Lucid Group by 246.0% during the first quarter. Quantinno Capital Management LP now owns 202,651 shares of the company’s stock worth $1,931,000 after purchasing an additional 144,089 shares during the last quarter. 75.17% of the stock is currently owned by institutional investors and hedge funds.

About Lucid Group

Lucid Group, Inc is an electric vehicle company headquartered in Newark, California. Through its Lucid Motors subsidiary, the company designs, engineers and manufactures luxury electric vehicles, with a focus on long range, performance, efficiency and advanced in-vehicle technology.

Lucid’s product lineup includes the Lucid Air, a premium electric sedan, and the Lucid Gravity, an electric SUV. The company also develops electric powertrain systems, battery technology and related vehicle software.