Lucid Group (NASDAQ:LCID) Trading Down 0.4%

Lucid Group, Inc. (NASDAQ:LCID)’s share price dropped 0.4% during mid-day trading on Tuesday . The company traded as low as $2.42 and last traded at $2.49. Approximately 5,016,450 shares changed hands during trading, a decline of 85% from the average daily volume of 33,248,098 shares. The stock had previously closed at $2.50.

Wall Street Analyst Weigh In

LCID has been the topic of a number of research reports. Stifel Nicolaus dropped their target price on shares of Lucid Group from $5.00 to $4.00 and set a “hold” rating on the stock in a research report on Monday, February 26th. Morgan Stanley restated an “underweight” rating and set a $3.00 price target on shares of Lucid Group in a research report on Monday, March 25th. Citigroup restated a “neutral” rating and set a $2.90 price target on shares of Lucid Group in a research report on Monday, April 22nd. Cantor Fitzgerald lowered shares of Lucid Group from a “neutral” rating to an “underweight” rating and reduced their price target for the company from $6.00 to $4.00 in a research report on Thursday, February 22nd. Finally, Bank of America reduced their price target on shares of Lucid Group from $7.00 to $4.50 and set a “neutral” rating for the company in a research report on Thursday, February 22nd. Three equities research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $4.34.

Lucid Group Stock Performance

The stock has a market capitalization of $5.87 billion, a PE ratio of -1.78 and a beta of 1.01. The company has a debt-to-equity ratio of 0.43, a current ratio of 4.72 and a quick ratio of 4.03. The business’s fifty day moving average price is $2.83 and its 200-day moving average price is $3.56.

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). The company had revenue of $157.20 million during the quarter, compared to analysts’ expectations of $179.88 million. Lucid Group had a negative net margin of 475.15% and a negative return on equity of 57.00%. The company’s revenue for the quarter was down 39.0% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.40) earnings per share. As a group, equities research analysts expect that Lucid Group, Inc. will post -1.06 EPS for the current year.

Institutional Investors Weigh In On Lucid Group

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in Lucid Group by 12.4% during the fourth quarter. Vanguard Group Inc. now owns 83,250,900 shares of the company’s stock valued at $350,486,000 after acquiring an additional 9,175,312 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Lucid Group by 10.2% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,427,263 shares of the company’s stock valued at $48,109,000 after acquiring an additional 1,060,588 shares during the last quarter. Invesco Ltd. grew its position in Lucid Group by 41.8% during the third quarter. Invesco Ltd. now owns 5,986,732 shares of the company’s stock valued at $33,466,000 after acquiring an additional 1,763,443 shares during the last quarter. Norges Bank bought a new position in Lucid Group during the fourth quarter valued at approximately $22,208,000. Finally, Northern Trust Corp grew its position in Lucid Group by 13.8% during the third quarter. Northern Trust Corp now owns 5,203,969 shares of the company’s stock valued at $29,090,000 after acquiring an additional 631,728 shares during the last quarter. 75.17% of the stock is 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.