Lucid Group (NASDAQ:LCID) Shares Down 5.6% – Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID) was down 5.6% during mid-day trading on Friday. The company traded as low as $2.89 and last traded at $3.02. Approximately 14,297,315 shares changed hands during trading, an increase of 8% from the average session volume of 13,230,200 shares. The stock had previously closed at $3.20.

Wall Street Analyst Weigh In

Several research analysts have weighed in on LCID shares. Royal Bank Of Canada cut their price target on Lucid Group from $7.00 to $4.00 and set a “sector perform” rating for the company in a report on Monday, October 12th. Cantor Fitzgerald reiterated a “neutral” rating on shares of Lucid Group in a research note on Monday, October 12th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a research note on Monday, September 21st. William Blair lowered shares of Lucid Group to a “market perform” rating in a report on Monday, August 3rd. Finally, UBS Group reissued a “hold” rating on shares of Lucid Group in a research report on Tuesday, October 6th. One analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, Lucid Group presently has a consensus rating of “Reduce” and an average target price of $8.67.

Lucid Group Stock Performance

The firm has a market capitalization of $1.19 billion, a price-to-earnings ratio of -0.22 and a beta of 1.00. The business has a fifty day moving average price of $4.06 and a 200 day moving average price of $6.91.

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

Hedge Funds Weigh In On Lucid Group

Hedge funds and other institutional investors have recently modified their holdings of the company. Bank of America Corp DE raised its stake in shares of Lucid Group by 10.9% in the 1st quarter. Bank of America Corp DE now owns 1,919,073 shares of the company’s stock valued at $18,289,000 after acquiring an additional 189,134 shares during the period. Bank of New York Mellon Corp purchased a new position in Lucid Group in the second quarter valued at about $3,125,000. Lazard Asset Management LLC boosted its position in shares of Lucid Group by 192.6% in the first quarter. Lazard Asset Management LLC now owns 304,737 shares of the company’s stock worth $2,904,000 after buying an additional 200,604 shares during the period. Calamos Advisors LLC grew its position in Lucid Group by 50.0% in the first quarter. Calamos Advisors LLC now owns 225,000 shares of the company’s stock valued at $2,144,000 after acquiring an additional 75,000 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new stake in Lucid Group during the 2nd quarter worth $1,368,000. 75.17% of the stock is owned by institutional investors and hedge funds.

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.