Lucid Group (NASDAQ:LCID) Stock Price Down 2.4%

Lucid Group, Inc. (NASDAQ:LCID)’s stock price dropped 2.4% during mid-day trading on Friday . The company traded as low as $2.42 and last traded at $2.44. Approximately 8,102,671 shares were traded during trading, a decline of 77% from the average daily volume of 35,824,965 shares. The stock had previously closed at $2.50.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on LCID shares. Cantor Fitzgerald lowered Lucid Group from a “neutral” rating to an “underweight” rating and lowered their target price for the company from $6.00 to $4.00 in a research note on Thursday, February 22nd. Robert W. Baird lowered their price objective on Lucid Group from $6.00 to $4.00 and set a “neutral” rating for the company in a research report on Thursday, February 22nd. Morgan Stanley restated an “underweight” rating and issued a $3.00 target price on shares of Lucid Group in a report on Monday, March 25th. Stifel Nicolaus lowered their price target on shares of Lucid Group from $5.00 to $4.00 and set a “hold” rating for the company in a report on Monday, February 26th. Finally, Bank of America cut their price target on shares of Lucid Group from $7.00 to $4.50 and set a “neutral” rating on the stock in a report on Thursday, February 22nd. Three equities research analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $4.80.

Lucid Group Trading Down 0.4 %

The company has a quick ratio of 4.03, a current ratio of 4.72 and a debt-to-equity ratio of 0.43. The firm’s fifty day moving average is $3.06 and its two-hundred day moving average is $3.80. The firm has a market cap of $5.73 billion, a P/E ratio of -1.78 and a beta of 1.01.

Lucid Group (NASDAQ:LCID) last announced its earnings results on Wednesday, February 21st. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.01). Lucid Group had a negative net margin of 475.15% and a negative return on equity of 57.00%. The company had revenue of $157.20 million for the quarter, compared to the consensus estimate of $179.88 million. During the same period in the previous year, the firm posted ($0.40) EPS. The company’s revenue for the quarter was down 39.0% on a year-over-year basis. Analysts predict that Lucid Group, Inc. will post -1.06 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in LCID. True North Advisors LLC raised its holdings in Lucid Group by 43.0% in the first quarter. True North Advisors LLC now owns 54,871 shares of the company’s stock worth $156,000 after purchasing an additional 16,501 shares in the last quarter. Ballentine Partners LLC increased its stake in shares of Lucid Group by 154.2% in the 1st quarter. Ballentine Partners LLC now owns 28,693 shares of the company’s stock worth $82,000 after acquiring an additional 17,405 shares in the last quarter. Wedmont Private Capital purchased a new position in Lucid Group during the 1st quarter valued at about $136,000. HighPoint Advisor Group LLC bought a new stake in Lucid Group during the fourth quarter worth about $46,000. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its holdings in Lucid Group by 24.4% in the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,706,434 shares of the company’s stock worth $7,184,000 after purchasing an additional 334,923 shares during the period. 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.