Lucid Group (NASDAQ:LCID) Shares Down 3.4% – Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID) shares were down 3.4% during trading on Wednesday . The stock traded as low as $11.09 and last traded at $11.13. Approximately 6,126,316 shares traded hands during trading, a decline of 44% from the average daily volume of 11,032,103 shares. The stock had previously closed at $11.52.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on LCID. Stifel Nicolaus lowered their price target on Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a report on Monday, November 17th. Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a report on Monday. Morgan Stanley cut shares of Lucid Group from a “buy” rating to an “underweight” rating and dropped their target price for the stock from $30.00 to $10.00 in a report on Monday, December 8th. Finally, Cantor Fitzgerald reaffirmed 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, five have issued a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus target price of $21.54.

Lucid Group Stock Up 3.2%

The company’s 50-day moving average price is $15.44 and its 200 day moving average price is $20.00. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.34 and a current ratio of 1.81. The stock has a market cap of $3.83 billion, a PE ratio of -1.10 and a beta of 0.86.

Lucid Group (NASDAQ:LCID) last announced its earnings results on Wednesday, November 5th. The company reported ($2.65) earnings per share (EPS) 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 the consensus estimate of $378.44 million. During the same quarter last year, the firm posted ($2.76) earnings per share. The business’s quarterly revenue was up 68.3% compared to the same quarter last year. As a group, analysts forecast that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

A number of institutional investors have recently bought and sold shares of LCID. Charles Schwab Investment Management Inc. grew its holdings in Lucid Group by 2.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 6,740,395 shares of the company’s stock valued at $16,312,000 after purchasing an additional 144,694 shares during the period. Deutsche Bank AG lifted its position in shares of Lucid Group by 5.8% during the 1st quarter. Deutsche Bank AG now owns 102,587 shares of the company’s stock valued at $248,000 after buying an additional 5,661 shares in the last quarter. Invesco Ltd. lifted its position in shares of Lucid Group by 11.3% during the 1st quarter. Invesco Ltd. now owns 2,169,231 shares of the company’s stock valued at $5,250,000 after buying an additional 219,477 shares in the last quarter. Nuveen LLC bought a new position in shares of Lucid Group during the 1st quarter valued at approximately $8,226,000. Finally, Kovitz Investment Group Partners LLC purchased a new stake in Lucid Group in the 1st quarter worth approximately $30,000. 75.17% of the stock is owned by institutional investors.

About Lucid Group

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.