Lucid Group (NASDAQ:LCID) Shares Down 0.3% – Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID) fell 0.3% during trading on Tuesday . The stock traded as low as $3.31 and last traded at $3.32. 5,164,788 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 32,301,055 shares. The stock had previously closed at $3.33.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $4.00 price target on shares of Lucid Group in a report on Tuesday, October 8th. Robert W. Baird restated a “neutral” rating and issued a $3.00 target price on shares of Lucid Group in a research report on Monday, October 7th. Royal Bank of Canada reiterated a “sector perform” rating and set a $3.00 price target on shares of Lucid Group in a research report on Thursday, September 12th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Lucid Group in a report on Wednesday, September 11th. One analyst has rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $3.71.

Lucid Group Stock Down 18.0 %

The company has a debt-to-equity ratio of 0.59, a quick ratio of 3.45 and a current ratio of 3.96. The company has a market cap of $6.21 billion, a P/E ratio of -2.13 and a beta of 1.04. The stock has a 50 day moving average price of $3.55 and a 200 day moving average price of $3.10.

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

Insider Activity at Lucid Group

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

Hedge Funds Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Bleakley Financial Group LLC purchased a new stake in Lucid Group during the third quarter valued at about $49,000. Tamar Securities LLC acquired a new stake in Lucid Group during the 3rd quarter valued at $45,000. Vontobel Holding Ltd. lifted its holdings in shares of Lucid Group by 39.6% in the third quarter. Vontobel Holding Ltd. now owns 129,102 shares of the company’s stock valued at $456,000 after purchasing an additional 36,651 shares in the last quarter. Creative Planning boosted its position in shares of Lucid Group by 54.3% in the third quarter. Creative Planning now owns 224,031 shares of the company’s stock worth $791,000 after buying an additional 78,839 shares during the period. Finally, Wedmont Private Capital grew its holdings in shares of Lucid Group by 128.2% during the third quarter. Wedmont Private Capital now owns 64,013 shares of the company’s stock valued at $219,000 after buying an additional 35,962 shares in the last quarter. Institutional investors and hedge funds own 75.17% of the company’s stock.

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.