Lucid Group (NASDAQ:LCID) Shares Down 8.8% – Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID) traded down 8.8% during mid-day trading on Tuesday . The company traded as low as $17.36 and last traded at $18.06. 6,569,760 shares were traded during trading, a decline of 43% from the average session volume of 11,483,543 shares. The stock had previously closed at $19.80.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $30.00 price objective on shares of Lucid Group in a research report on Wednesday, May 7th. Morgan Stanley raised their price target on shares of Lucid Group to $30.00 and gave the company an “equal weight” rating in a research report on Tuesday. Two research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Lucid Group currently has an average rating of “Hold” and an average target price of $26.75.

Lucid Group Trading Down 10.5%

The firm has a market capitalization of $54.43 billion, a PE ratio of -15.38 and a beta of 0.78. The company has a debt-to-equity ratio of 0.92, a quick ratio of 2.11 and a current ratio of 2.58. The company’s 50-day moving average price is $22.95 and its 200-day moving average price is $23.79.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings results on Tuesday, August 5th. The company reported ($2.80) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.20) by ($0.60). Lucid Group had a negative net margin of 259.57% and a negative return on equity of 79.40%. The company had revenue of $259.43 million during the quarter, compared to analysts’ expectations of $288.10 million. During the same period last year, the firm earned ($2.90) earnings per share. Lucid Group’s revenue was up 29.3% on a year-over-year basis. On average, sell-side analysts expect that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in Lucid Group by 0.6% in the first quarter. Vanguard Group Inc. now owns 110,933,835 shares of the company’s stock valued at $268,460,000 after purchasing an additional 615,108 shares during the period. Geode Capital Management LLC increased its stake 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 valued at $47,784,000 after purchasing an additional 1,554,419 shares during the period. Two Sigma Investments LP increased its stake in Lucid Group by 4,320.7% in the fourth quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company’s stock valued at $47,873,000 after purchasing an additional 15,493,320 shares during the period. Marshall Wace LLP increased its stake in Lucid Group by 2,398.5% in the second quarter. Marshall Wace LLP now owns 12,652,537 shares of the company’s stock valued at $26,697,000 after purchasing an additional 12,146,136 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Lucid Group by 39.2% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company’s stock worth $25,973,000 after acquiring an additional 3,465,542 shares during the period. 75.17% of the stock is currently owned by institutional investors and hedge funds.

About Lucid Group

Lucid Group, Inc a technology company, designs, engineers, manufactures, and sells electric vehicles (EV), EV powertrains, and battery systems. It also designs and develops proprietary software in-house for Lucid vehicles. The company sells vehicles directly to consumers through its retail sales network and direct online sales, including Lucid Financial Services.