Lucid Group, Inc. (NASDAQ:LCID – Get Free Report) was down 3.2% on Monday . The stock traded as low as $4.82 and last traded at $4.85. Approximately 10,782,765 shares changed hands during mid-day trading, a decline of 22% from the average session volume of 13,814,163 shares. The stock had previously closed at $5.01.
Wall Street Analyst Weigh In
Several equities analysts have recently issued reports on LCID shares. Weiss Ratings reissued a “sell (e+)” rating on shares of Lucid Group in a report on Wednesday, June 24th. Zacks Research upgraded shares of Lucid Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 18th. TD Cowen reduced their target price on shares of Lucid Group from $10.00 to $7.00 and set a “hold” rating for the company in a research note on Wednesday, May 6th. William Blair lowered shares of Lucid Group to a “market perform” rating in a research note on Monday, August 3rd. Finally, Robert W. Baird set a $6.00 price target on Lucid Group in a report on Wednesday, May 6th. One research 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. According to MarketBeat, the stock currently has an average rating of “Reduce” and an average price target of $9.22.
Lucid Group Stock Performance
Lucid Group (NASDAQ:LCID – Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The company reported ($2.78) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.36) by ($0.42). The company had revenue of $405.35 million for 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%. Lucid Group’s revenue for the quarter was up 56.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.24) earnings per share. Equities analysts expect that Lucid Group, Inc. will post -12.15 EPS for the current fiscal year.
Institutional Trading of Lucid Group
A number of institutional investors have recently made changes to their positions in LCID. Royal Bank of Canada boosted its stake in Lucid Group by 9.5% during the 1st quarter. Royal Bank of Canada now owns 110,716 shares of the company’s stock valued at $267,000 after purchasing an additional 9,578 shares in the last quarter. AQR Capital Management LLC lifted its holdings in shares of Lucid Group by 89.9% in the first quarter. AQR Capital Management LLC now owns 537,801 shares of the company’s stock valued at $1,226,000 after buying an additional 254,551 shares during the period. NewEdge Advisors LLC boosted its stake in Lucid Group by 103.2% during the first quarter. NewEdge Advisors LLC now owns 37,987 shares of the company’s stock valued at $92,000 after buying an additional 19,294 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in Lucid Group by 112.0% during the first quarter. Goldman Sachs Group Inc. now owns 5,440,620 shares of the company’s stock worth $13,166,000 after acquiring an additional 2,874,603 shares during the period. Finally, Empowered Funds LLC grew its holdings in Lucid Group by 11.3% during the first quarter. Empowered Funds LLC now owns 110,844 shares of the company’s stock worth $268,000 after acquiring an additional 11,252 shares during the period. 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.
Read More
- Five stocks we like better than Lucid Group
- Securing AI: 5 Most-Upgraded Stocks From the Q2 Reporting Season
- Insiders Are Betting Big on These 3 Healthcare Stocks
- 3 Stocks for Investors Who Still Believe Cash Is King
- Dollar General and Dollar Tree Are Recovering, But Not for the Same Reason
Receive News & Ratings for Lucid Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lucid Group and related companies with MarketBeat.com's FREE daily email newsletter.
