Lucid Group (NASDAQ:LCID) Stock Price Down 7.8% – Should You Sell?

Lucid Group, Inc. (NASDAQ:LCID) shares dropped 7.8% during mid-day trading on Wednesday . The stock traded as low as $4.21 and last traded at $4.27. Approximately 14,550,207 shares traded hands during mid-day trading, an increase of 6% from the average session volume of 13,710,621 shares. The stock had previously closed at $4.63.

Analysts Set New Price Targets

Several analysts recently commented on the stock. William Blair lowered shares of Lucid Group to a “market perform” rating in a research report on Monday, August 3rd. Cantor Fitzgerald restated a “neutral” rating on shares of Lucid Group in a research report on Monday, August 3rd. Royal Bank Of Canada restated a “sector perform” rating and issued a $7.00 price target (down from $8.00) on shares of Lucid Group in a research note on Monday, July 13th. Zacks Research raised Lucid Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 18th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a research report on Wednesday, June 24th. One research analyst has rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $9.22.

Lucid Group Trading Down 7.8%

The company’s fifty day simple moving average is $6.12 and its 200-day simple moving average is $7.08. The firm has a market capitalization of $1.68 billion, a PE ratio of -0.31 and a beta of 0.81. The company has a debt-to-equity ratio of 3.00, a current ratio of 1.14 and a quick ratio of 0.57.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings results on Tuesday, August 4th. The company reported ($2.78) earnings per share for the quarter, missing the consensus estimate of ($2.36) by ($0.42). The company had revenue of $405.35 million for the quarter, compared to analyst estimates of $381.59 million. Lucid Group had a negative return on equity of 1,391.51% and a negative net margin of 249.21%.The firm’s revenue for the quarter was up 56.2% on a year-over-year basis. During the same quarter last year, the company earned ($0.24) EPS. As a group, sell-side analysts expect that Lucid Group, Inc. will post -12.15 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

A number of hedge funds have recently made changes to their positions in the company. Uber Technologies Inc purchased a new position in shares of Lucid Group in the third quarter valued at approximately $326,283,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position 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 purchasing an additional 3,465,542 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in Lucid Group by 112.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock valued at $13,166,000 after purchasing an additional 2,874,603 shares during the last quarter. BNP Paribas Financial Markets raised its stake in Lucid Group by 93.5% in the 2nd quarter. BNP Paribas Financial Markets now owns 4,485,715 shares of the company’s stock valued at $9,465,000 after purchasing an additional 2,167,882 shares during the last quarter. Finally, HRT Financial LP lifted its holdings in Lucid Group by 148.1% in the 2nd quarter. HRT Financial LP now owns 3,465,146 shares of the company’s stock valued at $7,311,000 after purchasing an additional 2,068,440 shares in the last quarter. Institutional investors and hedge funds own 75.17% of the company’s stock.

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.