Lucid Group, Inc. (NASDAQ:LCID – Get Free Report) shares dropped 6.2% during trading on Tuesday . The company traded as low as $4.53 and last traded at $4.55. Approximately 11,628,350 shares traded hands during trading, a decline of 16% from the average session volume of 13,801,656 shares. The stock had previously closed at $4.85.
Wall Street Analyst Weigh In
Several research analysts have recently issued reports on LCID shares. Robert W. Baird set a $6.00 target price on Lucid Group in a research report on Wednesday, May 6th. Benchmark downgraded Lucid Group from a “buy” rating to a “hold” rating in a research note on Wednesday, May 6th. Royal Bank Of Canada restated a “sector perform” rating and set a $7.00 price objective (down from $8.00) on shares of Lucid Group in a research report on Monday, July 13th. TD Cowen reduced their price target on shares of 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, Zacks Research upgraded Lucid Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 18th. One investment analyst has rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $9.22.
Get Our Latest Stock Report on LCID
Lucid Group Trading Down 2.1%
Lucid Group (NASDAQ:LCID – Get Free Report) last posted its 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). Lucid Group had a negative net margin of 249.21% and a negative return on equity of 1,391.51%. The firm had revenue of $405.35 million for the quarter, compared to the consensus estimate of $381.59 million. During the same quarter in the prior year, the company posted ($0.24) earnings per share. The firm’s revenue was up 56.2% compared to the same quarter last year. Sell-side analysts forecast that Lucid Group, Inc. will post -12.15 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Lucid Group
Several hedge funds and other institutional investors have recently made changes to their positions in LCID. EverSource Wealth Advisors LLC boosted its position in shares of Lucid Group by 1,574.7% during the first quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company’s stock valued at $28,000 after buying an additional 2,740 shares during the period. Brown Advisory Inc. increased its holdings in shares of Lucid Group by 47.5% in the 2nd quarter. Brown Advisory Inc. now owns 15,530 shares of the company’s stock valued at $33,000 after acquiring an additional 5,000 shares during the period. Jump Financial LLC bought a new position in Lucid Group in the second quarter worth about $41,000. Nykredit A S purchased a new stake in Lucid Group during the second quarter valued at approximately $47,000. Finally, Worldquant Millennium Advisors LLC acquired a new stake in shares of Lucid Group in the 2nd quarter worth $59,000. Hedge funds and other institutional investors own 75.17% of the company’s stock.
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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