Lucid Group (NASDAQ:LCID) Trading Down 3.3%

Shares of Lucid Group, Inc. (NASDAQ:LCID) traded down 3.3% on Friday . The stock traded as low as $2.61 and last traded at $2.63. 8,344,443 shares were traded during mid-day trading, a decline of 74% from the average session volume of 32,386,844 shares. The stock had previously closed at $2.72.

Analyst Ratings Changes

Several analysts have weighed in on the company. Morgan Stanley reiterated an “underweight” rating and issued a $3.00 price objective on shares of Lucid Group in a research report on Monday, March 25th. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a report on Tuesday, May 7th. Cantor Fitzgerald downgraded Lucid Group from a “neutral” rating to an “underweight” rating and decreased their target price for the company from $6.00 to $4.00 in a report on Thursday, February 22nd. Stifel Nicolaus reduced their price target on Lucid Group from $4.00 to $3.00 and set a “hold” rating on the stock in a research note on Wednesday, May 8th. Finally, Citigroup reissued a “neutral” rating and issued a $2.90 target price on shares of Lucid Group in a research note on Monday, April 22nd. Three analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $4.24.

Lucid Group Price Performance

The firm has a 50 day moving average price of $2.70 and a 200 day moving average price of $3.28. The company has a quick ratio of 4.12, a current ratio of 4.66 and a debt-to-equity ratio of 0.49. The stock has a market cap of $6.58 billion, a P/E ratio of -2.24 and a beta of 1.06.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings data on Monday, May 6th. The company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.05). Lucid Group had a negative return on equity of 53.53% and a negative net margin of 441.29%. The company had revenue of $172.74 million during the quarter, compared to the consensus estimate of $173.54 million. During the same period last year, the business earned ($0.43) EPS. The firm’s quarterly revenue was up 15.6% compared to the same quarter last year. On average, analysts forecast that Lucid Group, Inc. will post -1.16 EPS for the current fiscal year.

Institutional Trading of Lucid Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in LCID. Principal Financial Group Inc. raised its stake in Lucid Group by 5.5% during the 3rd quarter. Principal Financial Group Inc. now owns 58,547 shares of the company’s stock valued at $327,000 after purchasing an additional 3,055 shares during the period. Victory Capital Management Inc. raised its position in Lucid Group by 48.4% during the 3rd quarter. Victory Capital Management Inc. now owns 1,292,058 shares of the company’s stock valued at $7,223,000 after purchasing an additional 421,281 shares in the last quarter. Assenagon Asset Management S.A. raised its position in shares of Lucid Group by 46.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 65,611 shares of the company’s stock worth $367,000 after acquiring an additional 20,764 shares in the last quarter. Barclays PLC raised its position in shares of Lucid Group by 32.6% in the 3rd quarter. Barclays PLC now owns 2,170,492 shares of the company’s stock worth $12,132,000 after acquiring an additional 533,943 shares in the last quarter. Finally, Kestra Private Wealth Services LLC raised its position in shares of Lucid Group by 28.7% in the 3rd quarter. Kestra Private Wealth Services LLC now owns 19,575 shares of the company’s stock worth $109,000 after acquiring an additional 4,362 shares in the last quarter. Institutional investors 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.