Lucid Group, Inc. (NASDAQ:LCID – Get Free Report) shares fell 4.2% on Monday. The stock traded as low as $3.87 and last traded at $3.90. Approximately 10,153,900 shares traded hands during mid-day trading, a decline of 25% from the average daily volume of 13,556,435 shares. The stock had previously closed at $4.07.
Wall Street Analyst Weigh In
Several research analysts have issued reports on the company. Zacks Research upgraded Lucid Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 18th. William Blair lowered Lucid Group to a “market perform” rating in a report on Monday, August 3rd. Citigroup cut their target price on Lucid Group from $14.00 to $11.00 and set a “buy” rating on the stock in a research report on Wednesday, August 19th. Cantor Fitzgerald reiterated a “neutral” rating on shares of Lucid Group in a research note on Monday, September 21st. Finally, Royal Bank Of Canada reissued a “sector perform” rating and set a $7.00 target price (down from $8.00) on shares of Lucid Group in a research report on Monday, July 13th. 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 MarketBeat.com, Lucid Group currently has an average rating of “Reduce” and a consensus target price of $9.22.
Read Our Latest Research Report on Lucid Group
Lucid Group Stock Up 4.4%
Lucid Group (NASDAQ:LCID – Get Free Report) last announced its earnings results on Tuesday, August 4th. The company reported ($2.78) earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $405.35 million for the quarter, compared to the consensus estimate of $381.59 million. During the same quarter in the previous year, the firm earned ($0.24) earnings per share. The company’s revenue for the quarter was up 56.2% compared to the same quarter last year. As a group, research analysts anticipate that Lucid Group, Inc. will post -12.15 earnings per share for the current year.
Institutional Trading of Lucid Group
A number of hedge funds have recently bought and sold shares of LCID. Bank of America Corp DE raised its stake in shares of Lucid Group by 10.9% during the first quarter. Bank of America Corp DE now owns 1,919,073 shares of the company’s stock worth $18,289,000 after acquiring an additional 189,134 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Lucid Group by 11.8% during the 1st quarter. Bank of New York Mellon Corp now owns 449,196 shares of the company’s stock valued at $4,281,000 after acquiring an additional 47,427 shares during the period. Lazard Asset Management LLC grew its position in Lucid Group by 192.6% during the 1st quarter. Lazard Asset Management LLC now owns 304,737 shares of the company’s stock worth $2,904,000 after acquiring an additional 200,604 shares during the last quarter. Calamos Advisors LLC grew its position in Lucid Group by 50.0% during the 1st quarter. Calamos Advisors LLC now owns 225,000 shares of the company’s stock worth $2,144,000 after acquiring an additional 75,000 shares during the last quarter. Finally, Quantinno Capital Management LP increased its stake in Lucid Group by 246.0% in the 1st quarter. Quantinno Capital Management LP now owns 202,651 shares of the company’s stock worth $1,931,000 after purchasing an additional 144,089 shares during the period. Institutional investors own 75.17% of the company’s stock.
About Lucid Group
Lucid Group, Inc is an electric vehicle (EV) manufacturer that develops, engineers and produces luxury electric cars and SUVs. The company’s operations include vehicle design, battery systems, electric powertrains, software and charging technologies, with an emphasis on range, performance and interior space.
Lucid’s primary vehicle is the Lucid Air, a luxury electric sedan. The company has also introduced the Lucid Gravity, an electric SUV designed to expand its presence in the premium sport utility vehicle market.
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