Lucid Group, Inc. (NASDAQ:LCID – Get Free Report)’s stock price dropped 5.9% on Wednesday . The company traded as low as $4.83 and last traded at $4.95. 16,579,523 shares changed hands during mid-day trading, an increase of 20% from the average daily volume of 13,763,823 shares. The stock had previously closed at $5.26.
Wall Street Analysts Forecast Growth
Several research analysts have recently weighed in on LCID shares. Morgan Stanley set a $5.00 target price on shares of Lucid Group in a research report on Wednesday, May 6th. Citigroup decreased their price objective on shares of Lucid Group from $14.00 to $11.00 and set a “buy” rating for the company in a research note on Wednesday, August 19th. William Blair lowered Lucid Group to a “market perform” rating in a report on Monday, August 3rd. TD Cowen decreased their target price on Lucid Group from $10.00 to $7.00 and set a “hold” rating for the company in a research report on Wednesday, May 6th. Finally, Cantor Fitzgerald reissued a “neutral” rating on shares of Lucid Group in a research report on Monday, August 3rd. One investment analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average price target of $9.22.
View Our Latest Report on LCID
Lucid Group Stock Performance
Lucid Group (NASDAQ:LCID – Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported ($2.78) EPS for the quarter, missing analysts’ consensus estimates of ($2.36) by ($0.42). The firm had revenue of $405.35 million during the quarter, compared to the consensus estimate of $381.59 million. Lucid Group had a negative net margin of 249.21% and a negative return on equity of 1,391.51%. The company’s revenue for the quarter was up 56.2% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.24) EPS. Sell-side analysts anticipate that Lucid Group, Inc. will post -12.15 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Large investors have recently modified their holdings of the company. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Lucid Group in the 2nd quarter valued at $167,000. California State Teachers Retirement System increased its stake in Lucid Group by 687.8% in the second quarter. California State Teachers Retirement System now owns 1,443,448 shares of the company’s stock valued at $9,657,000 after acquiring an additional 1,260,224 shares during the period. Wedmont Private Capital acquired a new position in Lucid Group in the second quarter worth about $492,000. Nykredit A S bought a new position in Lucid Group during the second quarter worth about $47,000. Finally, Headlands Technologies LLC acquired a new stake in Lucid Group during the second quarter valued at approximately $1,368,000. 75.17% of the stock is currently owned by institutional investors and hedge funds.
Lucid Group Company Profile
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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