Lucid Group (NASDAQ:LCID) Shares Down 1.7% – Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID)’s share price was down 1.7% during trading on Tuesday . The company traded as low as $16.16 and last traded at $16.36. Approximately 7,288,974 shares changed hands during trading, a decline of 36% from the average daily volume of 11,330,228 shares. The stock had previously closed at $16.64.

Analyst Upgrades and Downgrades

LCID has been the subject of several research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Lucid Group in a research report on Wednesday, October 8th. Morgan Stanley lifted their target price on shares of Lucid Group to $30.00 and gave the stock an “equal weight” rating in a research note on Tuesday, September 2nd. Stifel Nicolaus set a $2.10 target price on shares of Lucid Group in a research report on Friday, August 29th. Finally, Cantor Fitzgerald boosted their price target on shares of Lucid Group from $20.00 to $26.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 24th. Two research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and an average price target of $24.24.

Lucid Group Price Performance

The stock has a market cap of $5.03 billion, a PE ratio of -1.42 and a beta of 0.80. The stock’s fifty day moving average is $20.47 and its 200-day moving average is $22.71. The company has a debt-to-equity ratio of 0.92, a current ratio of 2.58 and a quick ratio of 2.11.

Lucid Group (NASDAQ:LCID) last posted its earnings results on Tuesday, August 5th. The company reported ($2.80) earnings per share for the quarter, missing the consensus estimate of ($2.20) by ($0.60). Lucid Group had a negative net margin of 259.57% and a negative return on equity of 79.40%. The firm had revenue of $259.43 million during the quarter, compared to analyst estimates of $288.10 million. During the same quarter in the previous year, the firm earned ($2.90) earnings per share. The business’s revenue for the quarter was up 29.3% compared to the same quarter last year. As a group, equities analysts anticipate that Lucid Group, Inc. will post -1.25 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Lucid Group by 0.6% in the first quarter. Vanguard Group Inc. now owns 110,933,835 shares of the company’s stock worth $268,460,000 after acquiring an additional 615,108 shares during the period. Geode Capital Management LLC grew its holdings in shares of Lucid Group by 7.4% during the 2nd quarter. Geode Capital Management LLC now owns 22,642,839 shares of the company’s stock worth $47,784,000 after purchasing an additional 1,554,419 shares during the period. Marshall Wace LLP increased its position in shares of Lucid Group by 2,398.5% during the 2nd quarter. Marshall Wace LLP now owns 12,652,537 shares of the company’s stock worth $26,697,000 after purchasing an additional 12,146,136 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Lucid Group by 39.2% during the 2nd 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 during the last quarter. Finally, Norges Bank purchased a new stake in Lucid Group in the 2nd quarter valued at about $16,469,000. 75.17% of the stock is currently owned by institutional investors and hedge funds.

About Lucid Group

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.