Lucid Group (NASDAQ:LCID) Hits New 12-Month Low – Here’s Why

Shares of Lucid Group, Inc. (NASDAQ:LCID) hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $12.37 and last traded at $12.97, with a volume of 10322785 shares traded. The stock had previously closed at $12.91.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Morgan Stanley boosted their price target on Lucid Group to $30.00 and gave the company an “equal weight” rating in a research note on Tuesday, September 2nd. Cantor Fitzgerald decreased their target price on Lucid Group from $26.00 to $21.00 and set a “neutral” rating for the company in a report on Thursday, November 6th. Stifel Nicolaus dropped their target price on Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a research report on Monday. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a research report on Thursday, November 13th. One research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average price target of $24.04.

Lucid Group Stock Performance

The firm has a fifty day moving average of $19.77 and a 200 day moving average of $22.08. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.81 and a quick ratio of 1.34. The stock has a market capitalization of $4.20 billion, a price-to-earnings ratio of -1.21 and a beta of 0.80.

Lucid Group (NASDAQ:LCID) last released its quarterly earnings data on Wednesday, November 5th. The company reported ($2.65) EPS for the quarter, missing the consensus estimate of ($2.32) by ($0.33). The company had revenue of $336.58 million during the quarter, compared to analysts’ expectations of $378.44 million. Lucid Group had a negative return on equity of 85.13% and a negative net margin of 224.99%.The company’s revenue for the quarter was up 68.3% on a year-over-year basis. During the same quarter in the prior year, the company posted ($2.76) EPS. On average, sell-side analysts anticipate that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Dark Forest Capital Management LP purchased a new stake in shares of Lucid Group during the 3rd quarter worth about $1,229,000. Uber Technologies Inc acquired a new position in Lucid Group in the 3rd quarter worth about $326,283,000. Paloma Partners Management Co purchased a new position in Lucid Group during the third quarter worth approximately $1,368,000. Holocene Advisors LP purchased a new position in Lucid Group during the third quarter worth approximately $1,042,000. Finally, Schonfeld Strategic Advisors LLC acquired a new stake in Lucid Group in the third quarter valued at approximately $3,813,000. Hedge funds and other institutional investors 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.