Lucid Group (NASDAQ:LCID) Stock Price Down 2.4% - Should You Sell?

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on LCID shares. Cfra set a $2.00 target price on Lucid Group in a report on Thursday, October 17th. Robert W. Baird restated a "neutral" rating and issued a $3.00 price objective on shares of Lucid Group in a research note on Monday, October 7th. Needham & Company LLC reiterated a "hold" rating on shares of Lucid Group in a research note on Friday, November 8th. Royal Bank of Canada reduced their price target on shares of Lucid Group from $3.00 to $2.00 and set a "sector perform" rating for the company in a research report on Tuesday, November 19th. Finally, Cantor Fitzgerald restated a "neutral" rating and set a $3.00 price objective on shares of Lucid Group in a report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $3.04.

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Lucid Group Price Performance

The stock has a market cap of $8.27 billion, a P/E ratio of -2.04 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 business's 50-day simple moving average is $2.74 and its two-hundred day simple moving average is $3.03.

Lucid Group (NASDAQ:LCID - Get Free Report) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.41) EPS for the quarter, missing the consensus estimate of ($0.32) by ($0.09). Lucid Group had a negative return on equity of 74.67% and a negative net margin of 406.63%. The business had revenue of $200.04 million during the quarter, compared to the consensus estimate of $199.50 million. During the same period last year, the business posted ($0.28) earnings per share. Sell-side analysts expect that Lucid Group, Inc. will post -1.25 EPS for the current year.

Institutional Trading of Lucid Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Sanctuary Advisors LLC purchased a new position in Lucid Group during the 2nd quarter valued at about $26,000. Newbridge Financial Services Group Inc. bought a new position in shares of Lucid Group in the fourth quarter valued at approximately $28,000. First National Corp MA ADV purchased a new position in Lucid Group during the fourth quarter valued at approximately $32,000. Yousif Capital Management LLC bought a new stake in Lucid Group during the 4th quarter worth approximately $32,000. Finally, Wedge Capital Management L L P NC purchased a new stake in Lucid Group in the 4th quarter worth approximately $33,000. 75.17% of the stock is currently owned by institutional investors.

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.