Lucid Group (NASDAQ:LCID) Stock Price Down 5.1% – Should You Sell?

Shares of Lucid Group, Inc. (NASDAQ:LCID) were down 5.1% during mid-day trading on Monday . The stock traded as low as $5.64 and last traded at $5.73. Approximately 16,769,958 shares changed hands during trading, an increase of 46% from the average daily volume of 11,476,791 shares. The stock had previously closed at $6.04.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on LCID shares. Bank of America started coverage on Lucid Group in a research report on Wednesday, March 4th. They set an “underperform” rating and a $10.00 price target on the stock. Citigroup reiterated a “buy” rating and set a $14.00 price target (down from $17.00) on shares of Lucid Group in a research report on Friday. Royal Bank Of Canada lowered their price target on Lucid Group from $10.00 to $8.00 and set a “sector perform” rating on the stock in a research report on Monday, April 13th. Evercore set a $6.00 price target on Lucid Group in a research report on Monday, May 11th. Finally, Morgan Stanley set a $5.00 price target on Lucid Group in a research report on Wednesday, May 6th. One equities research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and an average price target of $9.67.

Lucid Group Stock Down 5.1%

The company has a current ratio of 1.02, a quick ratio of 0.48 and a debt-to-equity ratio of 3.00. The firm has a market capitalization of $2.24 billion, a price-to-earnings ratio of -0.43 and a beta of 0.88. The stock has a fifty day moving average of $8.37 and a 200-day moving average of $10.83.

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

Hedge Funds Weigh In On Lucid Group

A number of hedge funds have recently modified their holdings of LCID. Brown Advisory Inc. grew its holdings in shares of Lucid Group by 47.5% in the 2nd quarter. Brown Advisory Inc. now owns 15,530 shares of the company’s stock worth $33,000 after acquiring an additional 5,000 shares during the last quarter. Jump Financial LLC purchased a new position in shares of Lucid Group during the second quarter valued at $41,000. Worldquant Millennium Advisors LLC purchased a new position in shares of Lucid Group during the second quarter valued at $59,000. Leonteq Securities AG purchased a new position in shares of Lucid Group during the fourth quarter valued at $67,000. Finally, Caitong International Asset Management Co. Ltd purchased a new position in shares of Lucid Group during the fourth quarter valued at $77,000. 75.17% of the stock is currently owned by institutional investors and hedge funds.

Lucid Group Company Profile

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.