Lucid Group (NASDAQ:LCID) Trading Down 0.7%

Lucid Group, Inc. (NASDAQ:LCID)’s stock price dropped 0.7% during mid-day trading on Thursday . The stock traded as low as $2.89 and last traded at $2.95. Approximately 5,787,217 shares were traded during trading, a decline of 85% from the average daily volume of 38,262,184 shares. The stock had previously closed at $2.97.

Analyst Ratings Changes

LCID has been the subject of several research reports. Cantor Fitzgerald downgraded Lucid Group from a “neutral” rating to an “underweight” rating and cut their price target for the stock from $6.00 to $4.00 in a research note on Thursday, February 22nd. Robert W. Baird dropped 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. Bank of America dropped their price objective on Lucid Group from $7.00 to $4.50 and set a “neutral” rating for the company in a research report on Thursday, February 22nd. Stifel Nicolaus dropped their price objective on Lucid Group from $5.00 to $4.00 and set a “hold” rating for the company in a research report on Monday, February 26th. Finally, Morgan Stanley reiterated an “underweight” rating and set a $3.00 price objective on shares of Lucid Group in a research report on Monday. Three analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $4.80.

Lucid Group Stock Down 4.0 %

The company has a debt-to-equity ratio of 0.43, a quick ratio of 4.03 and a current ratio of 4.72. The company has a market cap of $6.56 billion, a PE ratio of -2.11 and a beta of 1.04. The firm has a fifty day simple moving average of $3.14 and a 200 day simple moving average of $4.04.

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

Hedge Funds Weigh In On Lucid Group

Several institutional investors and hedge funds have recently made changes to their positions in LCID. Quent Capital LLC lifted its stake in Lucid Group by 184.6% during the third quarter. Quent Capital LLC now owns 4,482 shares of the company’s stock worth $25,000 after purchasing an additional 2,907 shares during the last quarter. 1832 Asset Management L.P. acquired a new stake in Lucid Group in the first quarter worth $25,000. GAMMA Investing LLC acquired a new position in shares of Lucid Group during the fourth quarter valued at $28,000. First Manhattan Co. increased its holdings in shares of Lucid Group by 666.7% during the first quarter. First Manhattan Co. now owns 1,150 shares of the company’s stock valued at $29,000 after purchasing an additional 1,000 shares during the period. Finally, Itau Unibanco Holding S.A. grew its holdings in Lucid Group by 283.3% during the second quarter. Itau Unibanco Holding S.A. now owns 4,967 shares of the company’s stock worth $34,000 after acquiring an additional 3,671 shares during the period. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

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.