Lucid Group (NASDAQ:LCID) Stock Price Down 2.4% - Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price traded down 2.4% on Tuesday . The company traded as low as $2.64 and last traded at $2.69. 18,977,147 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 82,284,906 shares. The stock had previously closed at $2.75.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. R. F. Lafferty upgraded Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 price target for the company in a research note on Monday, November 11th. Cfra set a $2.00 target price on shares of Lucid Group in a research report on Thursday, October 17th. Robert W. Baird reaffirmed a "neutral" rating and set a $3.00 price target on shares of Lucid Group in a research report on Monday, October 7th. Royal Bank of Canada decreased their price objective on shares of Lucid Group from $3.00 to $2.00 and set a "sector perform" rating for the company in a research note on Tuesday, November 19th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Lucid Group in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $3.04.

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Lucid Group Stock Up 1.5 %

The firm has a market capitalization of $8.31 billion, a PE ratio of -2.06 and a beta of 0.94. The company has a quick ratio of 3.26, a current ratio of 3.71 and a debt-to-equity ratio of 0.77. The firm's 50 day moving average price is $2.75 and its two-hundred day moving average price is $3.01.

Lucid Group (NASDAQ:LCID - Get Free Report) last announced its earnings results on Thursday, November 7th. The company reported ($0.41) earnings per share for the quarter, missing the consensus estimate of ($0.32) by ($0.09). The business had revenue of $200.04 million for the quarter, compared to analyst estimates of $199.50 million. Lucid Group had a negative net margin of 406.63% and a negative return on equity of 74.67%. During the same quarter in the prior year, the business earned ($0.28) earnings per share. As a group, research analysts forecast that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

Institutional Trading of Lucid Group

Several institutional investors have recently added to or reduced their stakes in LCID. Charles Schwab Investment Management Inc. increased its position in shares of Lucid Group by 84.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,096,667 shares of the company's stock worth $17,991,000 after purchasing an additional 2,335,452 shares during the last quarter. Van ECK Associates Corp grew its stake in Lucid Group by 103.3% in the fourth quarter. Van ECK Associates Corp now owns 1,246,461 shares of the company's stock worth $3,764,000 after purchasing an additional 633,410 shares in the last quarter. State of New Jersey Common Pension Fund D grew its stake in Lucid Group by 114.7% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 999,601 shares of the company's stock worth $3,019,000 after purchasing an additional 533,973 shares in the last quarter. Point72 Italy S.r.l. bought a new stake in Lucid Group in the third quarter valued at about $3,209,000. Finally, New York State Common Retirement Fund raised its stake in Lucid Group by 5.7% during the fourth quarter. New York State Common Retirement Fund now owns 517,238 shares of the company's stock valued at $1,562,000 after buying an additional 28,000 shares in the last quarter. 75.17% of the stock is owned by institutional investors and hedge funds.

Lucid Group Company Profile

Lucid Group, Inc a technology company, designs, engineers, manufactures, and sells electric vehicles (EV), EV powertrains, and battery systems. It also designs and develops proprietary software in-house for Lucid vehicles. The company sells vehicles directly to consumers through its retail sales network and direct online sales, including Lucid Financial Services.