Lucid Group, Inc. (NASDAQ:LCID – Get Free Report)’s stock price dropped 3.7% during trading on Friday . The stock traded as low as $5.90 and last traded at $6.04. Approximately 13,278,249 shares traded hands during trading, an increase of 16% from the average daily volume of 11,419,399 shares. The stock had previously closed at $6.27.
Analyst Ratings Changes
LCID has been the subject of several recent research reports. Morgan Stanley set a $5.00 target price on Lucid Group in a report on Wednesday, May 6th. Bank of America initiated coverage on Lucid Group in a report on Wednesday, March 4th. They set an “underperform” rating and a $10.00 target price for the company. Cantor Fitzgerald reissued a “neutral” rating and issued a $14.00 price objective on shares of Lucid Group in a report on Monday, May 4th. Benchmark lowered Lucid Group from a “buy” rating to a “hold” rating in a report on Wednesday, May 6th. Finally, Citigroup reissued a “buy” rating and issued a $14.00 price objective (down from $17.00) on shares of Lucid Group in a report on Friday. One investment analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Lucid Group presently has a consensus rating of “Reduce” and a consensus target price of $9.67.
View Our Latest Report on LCID
Lucid Group Price Performance
Lucid Group (NASDAQ:LCID – Get Free Report) last released its earnings results on Tuesday, May 5th. The company reported ($3.46) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.53) by ($0.93). The business had revenue of $282.47 million during the quarter, compared to analysts’ expectations of $358.46 million. Lucid Group had a negative net margin of 248.09% and a negative return on equity of 304.01%. Lucid Group’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.20) EPS. As a group, research analysts expect that Lucid Group, Inc. will post -10.75 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Lucid Group
A number of hedge funds have recently modified their holdings of the stock. The Manufacturers Life Insurance Company increased its stake in shares of Lucid Group by 6.8% in the first quarter. The Manufacturers Life Insurance Company now owns 39,666 shares of the company’s stock worth $378,000 after acquiring an additional 2,520 shares during the last quarter. Quantinno Capital Management LP grew its position in shares of Lucid Group by 246.0% in the first quarter. Quantinno Capital Management LP now owns 202,651 shares of the company’s stock valued at $1,931,000 after purchasing an additional 144,089 shares during the last quarter. SummitTX Capital L.P. acquired a new stake in shares of Lucid Group in the first quarter valued at about $110,000. Lazard Asset Management LLC grew its position in shares of Lucid Group by 192.6% in the first quarter. Lazard Asset Management LLC now owns 304,737 shares of the company’s stock valued at $2,904,000 after purchasing an additional 200,604 shares during the last quarter. Finally, Piar LLC grew its position in shares of Lucid Group by 304.9% in the first quarter. Piar LLC now owns 61,139 shares of the company’s stock valued at $583,000 after purchasing an additional 46,039 shares during the last quarter. 75.17% of the stock is owned by institutional investors and hedge funds.
About Lucid Group
Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.
The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.
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