Lucid Group (NASDAQ:LCID) Stock Price Down 11.6% – Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID) traded down 11.6% during trading on Thursday. The company traded as low as $2.93 and last traded at $2.98. 19,000,184 shares traded hands during mid-day trading, an increase of 44% from the average daily volume of 13,231,237 shares. The stock had previously closed at $3.37.

Wall Street Analyst Weigh In

LCID has been the topic of several recent analyst reports. Royal Bank Of Canada reduced their price target on shares of Lucid Group from $7.00 to $4.00 and set a “sector perform” rating on the stock in a research note on Monday, October 12th. Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a research report on Monday, September 21st. Cantor Fitzgerald restated a “neutral” rating on shares of Lucid Group in a research note on Monday, October 12th. William Blair lowered shares of Lucid Group to a “market perform” rating in a research report on Monday, August 3rd. Finally, Morgan Stanley decreased their price target on shares of Lucid Group from $5.00 to $3.00 and set an “underweight” rating for the company in a research note on Thursday, October 15th. One investment analyst has rated the stock with a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus target price of $8.67.

Lucid Group Trading Up 10.4%

The firm’s 50-day moving average price is $3.86 and its two-hundred day moving average price is $6.73. The stock has a market cap of $1.30 billion, a PE ratio of -0.24 and a beta of 0.80.

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

Institutional Trading of Lucid Group

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of America Corp DE lifted its stake in shares of Lucid Group by 10.9% during the 1st quarter. Bank of America Corp DE now owns 1,919,073 shares of the company’s stock worth $18,289,000 after purchasing an additional 189,134 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in Lucid Group during the second quarter valued at about $3,125,000. Lazard Asset Management LLC grew 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 purchasing an additional 200,604 shares during the last quarter. Headlands Technologies LLC purchased a new position in Lucid Group in the second quarter valued at about $1,368,000. Finally, Quantinno Capital Management LP raised its holdings in Lucid Group by 246.0% in the first quarter. Quantinno Capital Management LP now owns 202,651 shares of the company’s stock worth $1,931,000 after purchasing an additional 144,089 shares in the last quarter. Institutional investors own 75.17% of the company’s stock.

About Lucid Group

Lucid Group, Inc is an electric vehicle and technology company headquartered in Newark, California. Through its Lucid Motors subsidiary, the company designs, engineers, and manufactures premium electric vehicles, with an emphasis on range, energy efficiency, performance, and advanced in-car technology.

Lucid’s vehicle lineup includes the Lucid Air luxury electric sedan and the Lucid Gravity electric SUV. The company also develops electric powertrains, battery systems, software, and other technologies for its vehicles.