Lucid Group (NASDAQ:LCID) Trading Down 7.7% – Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID) dropped 7.7% during mid-day trading on Monday . The company traded as low as $12.43 and last traded at $12.58. Approximately 9,426,143 shares were traded during trading, a decline of 16% from the average daily volume of 11,212,181 shares. The stock had previously closed at $13.63.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on LCID. Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a research note on Monday. Stifel Nicolaus decreased their price objective on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a report on Monday, November 17th. Morgan Stanley lifted their target price on Lucid Group to $30.00 and gave the company an “equal weight” rating in a research note on Tuesday, September 2nd. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Lucid Group in a research report on Wednesday, November 19th. Two equities research analysts have rated the stock with a Buy rating, six have assigned 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 price target of $24.04.

Lucid Group Price Performance

The company has a debt-to-equity ratio of 1.19, a current ratio of 1.81 and a quick ratio of 1.34. The company’s 50-day moving average is $18.24 and its 200 day moving average is $21.26.

Lucid Group (NASDAQ:LCID) last released its earnings results on Wednesday, November 5th. The company reported ($2.65) earnings per share for the quarter, missing the consensus estimate of ($2.32) by ($0.33). Lucid Group had a negative net margin of 224.99% and a negative return on equity of 85.13%. The business had revenue of $336.58 million for the quarter, compared to analysts’ expectations of $378.44 million. During the same period last year, the firm earned ($2.76) EPS. The company’s revenue was up 68.3% compared to the same quarter last year. On average, research analysts expect that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Institutional Trading of Lucid Group

Several large investors have recently modified their holdings of LCID. Cigna Investments Inc. New bought a new position in Lucid Group during the second quarter valued at about $25,000. Valeo Financial Advisors LLC raised its stake in shares of Lucid Group by 9.7% in the second quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock valued at $25,000 after purchasing an additional 1,055 shares in the last quarter. Tyche Wealth Partners LLC bought a new position in Lucid Group in the second quarter worth $26,000. Integrity Alliance LLC. acquired a new stake in Lucid Group during the first quarter worth $27,000. Finally, Northwestern Mutual Wealth Management Co. raised its stake in shares of Lucid Group by 111.6% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 11,938 shares of the company’s stock valued at $29,000 after buying an additional 6,295 shares in the last quarter. 75.17% of the stock is owned by 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.