Lucid Group, Inc. (NASDAQ:LCID – Get Free Report) traded down 2.6% during trading on Tuesday. The company traded as low as $3.23 and last traded at $3.31. Approximately 10,830,451 shares were traded during mid-day trading, a decline of 18% from the average daily volume of 13,265,601 shares. The stock had previously closed at $3.40.
Analyst Upgrades and Downgrades
LCID has been the subject of several analyst reports. Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a report on Monday, September 21st. William Blair cut shares of Lucid Group to a “market perform” rating in a research note on Monday, August 3rd. Zacks Research raised shares of Lucid Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 18th. UBS Group reiterated a “hold” rating on shares of Lucid Group in a research note on Tuesday, October 6th. Finally, Citigroup cut their price target on shares of Lucid Group from $14.00 to $11.00 and set a “buy” rating on the stock in a report on Wednesday, August 19th. One analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus target price of $8.67.
Get Our Latest Stock Analysis on LCID
Lucid Group Price Performance
The company has a 50 day moving average price of $4.17 and a two-hundred day moving average price of $6.99. The stock has a market cap of $1.26 billion, a PE ratio of -0.23 and a beta of 1.00.
Lucid Group (NASDAQ:LCID – Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($2.78) earnings per share (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 business had revenue of $405.35 million for the quarter, compared to the consensus estimate of $381.59 million. During the same period in the previous year, the company 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, equities analysts predict that Lucid Group, Inc. will post -12.15 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Lucid Group
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company boosted its holdings in shares of Lucid Group by 6.8% during the 1st quarter. The Manufacturers Life Insurance Company now owns 39,666 shares of the company’s stock valued at $378,000 after acquiring an additional 2,520 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Lucid Group by 1,574.7% in the first quarter. EverSource Wealth Advisors LLC now owns 2,914 shares of the company’s stock worth $28,000 after acquiring an additional 2,740 shares during the period. Allworth Financial LP raised its holdings in shares of Lucid Group by 249.9% during the second quarter. Allworth Financial LP now owns 4,010 shares of the company’s stock valued at $27,000 after purchasing an additional 2,864 shares during the last quarter. IFP Advisors Inc raised its holdings in shares of Lucid Group by 1,231.3% during the second quarter. IFP Advisors Inc now owns 3,781 shares of the company’s stock valued at $25,000 after purchasing an additional 3,497 shares during the last quarter. Finally, Pictet Asset Management Holding SA lifted its position in Lucid Group by 25.1% during the first quarter. Pictet Asset Management Holding SA now owns 22,325 shares of the company’s stock valued at $213,000 after purchasing an additional 4,485 shares during the period. Institutional investors own 75.17% of the company’s stock.
Lucid Group Company Profile
Lucid Group, Inc is an electric vehicle and technology company headquartered in Newark, California. Through its Lucid Motors subsidiary, the company designs, engineers, and manufactures premium electric vehicles, with an emphasis on range, energy efficiency, performance, and advanced in-car technology.
Lucid’s vehicle lineup includes the Lucid Air luxury electric sedan and the Lucid Gravity electric SUV. The company also develops electric powertrains, battery systems, software, and other technologies for its vehicles.
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