Lucid Group (NASDAQ:LCID) Sets New 52-Week Low – Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price reached a new 52-week low on Tuesday . The company traded as low as $5.61 and last traded at $5.6160, with a volume of 1168924 shares changing hands. The stock had previously closed at $5.73.

Wall Street Analyst Weigh In

LCID has been the subject of a number of analyst reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a research note on Friday, March 27th. Citigroup reiterated a “buy” rating and set a $14.00 price objective (down from $17.00) on shares of Lucid Group in a research note on Friday. Morgan Stanley set a $5.00 target price on shares of Lucid Group in a report on Wednesday, May 6th. Royal Bank Of Canada dropped their target price on shares of Lucid Group from $10.00 to $8.00 and set a “sector perform” rating for the company in a research report on Monday, April 13th. Finally, Zacks Research raised shares of Lucid Group from a “strong sell” rating to a “hold” rating in a report on Thursday, March 5th. One investment analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $9.67.

Lucid Group Price Performance

The company has a debt-to-equity ratio of 3.00, a quick ratio of 0.48 and a current ratio of 1.02. The company has a market cap of $2.20 billion, a price-to-earnings ratio of -0.43 and a beta of 0.88. The business has a fifty day moving average price of $8.29 and a 200 day moving average price of $10.74.

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

Institutional Investors Weigh In On Lucid Group

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Tudor Investment Corp ET AL bought a new position in Lucid Group in the 3rd quarter valued at approximately $1,361,978,000. Uber Technologies Inc acquired a new stake in Lucid Group in the third quarter valued at approximately $326,283,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Lucid Group by 39.2% during 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 buying an additional 3,465,542 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Lucid Group by 6.2% during the fourth quarter. Vanguard Group Inc. now owns 12,061,286 shares of the company’s stock worth $127,488,000 after buying an additional 701,826 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Lucid Group by 112.0% during the first quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock worth $13,166,000 after buying an additional 2,874,603 shares in the last quarter. 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.