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

Shares of Lucid Group, Inc. (NASDAQ:LCID) dropped 2.1% on Wednesday. The company traded as low as $3.14 and last traded at $3.29. 16,161,808 shares changed hands during trading, an increase of 21% from the average daily volume of 13,355,157 shares. The stock had previously closed at $3.36.

Wall Street Analyst Weigh In

LCID has been the topic of several research reports. William Blair cut Lucid Group to a “market perform” rating in a report on Monday, August 3rd. Cantor Fitzgerald reiterated a “neutral” rating on shares of Lucid Group in a report on Monday. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a report on Monday, September 21st. Citigroup cut their target price on shares of Lucid Group from $14.00 to $11.00 and set a “buy” rating on the stock in a research report on Wednesday, August 19th. Finally, UBS Group reiterated a “hold” rating on shares of Lucid Group in a research report on Tuesday, October 6th. One analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average price target of $8.67.

Lucid Group Stock Down 10.1%

The business’s 50 day moving average is $4.70 and its two-hundred day moving average is $5.92. The firm has a market cap of $1.24 billion, a P/E ratio of -0.23 and a beta of 1.00.

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

Hedge Funds Weigh In On Lucid Group

Institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of America Corp DE raised its holdings in shares of Lucid Group by 10.9% in the 1st quarter. Bank of America Corp DE now owns 1,919,073 shares of the company’s stock worth $18,289,000 after acquiring an additional 189,134 shares during the last quarter. Bank of New York Mellon Corp raised its position in Lucid Group by 11.8% in the first quarter. Bank of New York Mellon Corp now owns 449,196 shares of the company’s stock worth $4,281,000 after acquiring an additional 47,427 shares during the period. Lazard Asset Management LLC boosted its stake in Lucid Group by 192.6% in the first quarter. Lazard Asset Management LLC now owns 304,737 shares of the company’s stock valued at $2,904,000 after acquiring an additional 200,604 shares during the last quarter. Calamos Advisors LLC boosted its stake in Lucid Group by 50.0% in the first quarter. Calamos Advisors LLC now owns 225,000 shares of the company’s stock valued at $2,144,000 after acquiring an additional 75,000 shares during the last quarter. Finally, Quantinno Capital Management LP grew its position in shares of Lucid Group by 246.0% during the 1st quarter. Quantinno Capital Management LP now owns 202,651 shares of the company’s stock valued at $1,931,000 after acquiring an additional 144,089 shares during the period. Institutional investors own 75.17% of the company’s stock.

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.