Lucid Group (NASDAQ:LCID) Shares Down 1.9% – Should You Sell?

Shares of Lucid Group, Inc. (NASDAQ:LCID) dropped 1.9% during mid-day trading on Wednesday . The stock traded as low as $2.54 and last traded at $2.56. Approximately 8,970,728 shares traded hands during trading, a decline of 73% from the average daily volume of 33,585,715 shares. The stock had previously closed at $2.61.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on LCID. Royal Bank of Canada restated a “sector perform” rating and issued a $3.00 price target on shares of Lucid Group in a research report on Thursday, September 12th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $4.00 target price on shares of Lucid Group in a report on Tuesday, October 8th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research report on Wednesday, September 11th. Robert W. Baird restated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research report on Monday, October 7th. Finally, Cfra set a $2.00 target price on Lucid Group in a research report on Thursday, October 17th. One analyst has rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $3.54.

Lucid Group Price Performance

The company’s 50-day simple moving average is $3.49 and its 200 day simple moving average is $3.09. The company has a market capitalization of $5.77 billion, a P/E ratio of -1.95 and a beta of 1.04. The company has a quick ratio of 3.45, a current ratio of 3.96 and a debt-to-equity ratio of 0.59.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings data on Monday, August 5th. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.02). Lucid Group had a negative net margin of 390.39% and a negative return on equity of 55.35%. The company had revenue of $200.58 million during the quarter, compared to the consensus estimate of $190.30 million. During the same period in the previous year, the business posted ($0.40) earnings per share. The firm’s revenue was up 32.9% on a year-over-year basis. As a group, sell-side analysts expect that Lucid Group, Inc. will post -1.28 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Eric Bach sold 89,959 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $3.14, for a total value of $282,471.26. Following the sale, the senior vice president now directly owns 2,028,268 shares of the company’s stock, valued at approximately $6,368,761.52. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 61.26% of the company’s stock.

Institutional Investors Weigh In On Lucid Group

Several hedge funds and other institutional investors have recently modified their holdings of LCID. Frank Rimerman Advisors LLC increased its holdings in shares of Lucid Group by 925.0% during the 2nd quarter. Frank Rimerman Advisors LLC now owns 10,250 shares of the company’s stock worth $27,000 after purchasing an additional 9,250 shares during the period. Meeder Advisory Services Inc. acquired a new position in Lucid Group in the 1st quarter valued at approximately $29,000. Accredited Investors Inc. bought a new stake in shares of Lucid Group in the 2nd quarter worth approximately $27,000. Sanctuary Advisors LLC acquired a new position in shares of Lucid Group in the second quarter valued at $26,000. Finally, Norden Group LLC bought a new position in Lucid Group in the first quarter worth $32,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

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.