Lucid Group (NASDAQ:LCID) Trading Down 6% – Should You Sell?

Lucid Group, Inc. (NASDAQ:LCID) shares dropped 6% on Thursday . The company traded as low as $11.70 and last traded at $11.72. Approximately 8,906,652 shares were traded during trading, a decline of 21% from the average daily volume of 11,338,464 shares. The stock had previously closed at $12.47.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on LCID. Morgan Stanley boosted their price target on Lucid Group to $30.00 and gave the company an “equal weight” rating in a research note on Tuesday, September 2nd. Cantor Fitzgerald restated an “overweight” rating on shares of Lucid Group in a research report on Wednesday. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a report on Wednesday. Finally, Stifel Nicolaus lowered their price objective on Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a research note on Monday. Two research analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus target price of $24.04.

Lucid Group Stock Performance

The company has a market capitalization of $3.80 billion, a price-to-earnings ratio of -1.10 and a beta of 0.80. The company has a 50 day moving average price of $19.63 and a 200 day moving average price of $21.99. 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 issued its earnings results on Wednesday, November 5th. The company reported ($2.65) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.32) by ($0.33). Lucid Group had a negative return on equity of 85.13% and a negative net margin of 224.99%.The firm had revenue of $336.58 million for the quarter, compared to analyst estimates of $378.44 million. During the same period in the previous year, the company earned ($2.76) earnings per share. Lucid Group’s revenue for the quarter was up 68.3% compared to the same quarter last year. Equities research analysts predict that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Institutional Trading of Lucid Group

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Lucid Group by 0.6% during the first quarter. Vanguard Group Inc. now owns 110,933,835 shares of the company’s stock worth $268,460,000 after purchasing an additional 615,108 shares during the period. Geode Capital Management LLC boosted its stake in Lucid Group by 7.4% in the 2nd quarter. Geode Capital Management LLC now owns 22,642,839 shares of the company’s stock worth $47,784,000 after purchasing an additional 1,554,419 shares during the period. Uber Technologies Inc purchased a new position in Lucid Group during the 3rd quarter valued at about $326,283,000. Marshall Wace LLP increased its position in shares of Lucid Group by 2,398.5% during the second quarter. Marshall Wace LLP now owns 12,652,537 shares of the company’s stock valued at $26,697,000 after buying an additional 12,146,136 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Lucid Group by 39.2% in 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 purchasing an additional 3,465,542 shares during the period. 75.17% of the stock is owned by hedge funds and other institutional investors.

Lucid Group Company Profile

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.