Lucid Group (NASDAQ:LCID) Trading Down 0.7%

Lucid Group, Inc. (NASDAQ:LCID)’s share price traded down 0.7% during trading on Thursday . The stock traded as low as $2.89 and last traded at $2.95. 5,787,217 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 38,262,184 shares. The stock had previously closed at $2.97.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Robert W. Baird cut their price objective on Lucid Group from $6.00 to $4.00 and set a “neutral” rating on the stock in a research report on Thursday, February 22nd. Morgan Stanley reiterated an “underweight” rating and issued a $3.00 target price on shares of Lucid Group in a report on Monday. Cantor Fitzgerald cut Lucid Group from a “neutral” rating to an “underweight” rating and lowered their target price for the stock from $6.00 to $4.00 in a report on Thursday, February 22nd. Stifel Nicolaus lowered their target price on Lucid Group from $5.00 to $4.00 and set a “hold” rating for the company in a report on Monday, February 26th. Finally, Bank of America lowered their target price on Lucid Group from $7.00 to $4.50 and set a “neutral” rating for the company in a report on Thursday, February 22nd. Three research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to MarketBeat, Lucid Group currently has an average rating of “Hold” and a consensus price target of $4.80.

Lucid Group Stock Down 4.0 %

The company has a debt-to-equity ratio of 0.43, a quick ratio of 4.03 and a current ratio of 4.72. The stock has a market capitalization of $6.56 billion, a PE ratio of -2.11 and a beta of 1.04. The business has a 50 day moving average of $3.14 and a two-hundred day moving average of $4.04.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings data on Wednesday, February 21st. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.01). The company had revenue of $157.20 million for the quarter, compared to analysts’ expectations of $179.88 million. Lucid Group had a negative return on equity of 57.00% and a negative net margin of 475.15%. The company’s revenue for the quarter was down 39.0% compared to the same quarter last year. During the same quarter last year, the company earned ($0.40) earnings per share. Analysts predict that Lucid Group, Inc. will post -1.06 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. 1832 Asset Management L.P. acquired a new position in Lucid Group during the 1st quarter valued at about $25,000. First Manhattan Co. increased its position in Lucid Group by 666.7% during the 1st quarter. First Manhattan Co. now owns 1,150 shares of the company’s stock valued at $29,000 after buying an additional 1,000 shares in the last quarter. Quent Capital LLC increased its position in Lucid Group by 184.6% during the 3rd quarter. Quent Capital LLC now owns 4,482 shares of the company’s stock valued at $25,000 after buying an additional 2,907 shares in the last quarter. Itau Unibanco Holding S.A. increased its position in Lucid Group by 283.3% during the 2nd quarter. Itau Unibanco Holding S.A. now owns 4,967 shares of the company’s stock valued at $34,000 after buying an additional 3,671 shares in the last quarter. Finally, UniSuper Management Pty Ltd increased its position in Lucid Group by 127.6% during the 3rd quarter. UniSuper Management Pty Ltd now owns 6,600 shares of the company’s stock valued at $37,000 after buying an additional 3,700 shares in the last quarter. 75.17% of the stock is owned by institutional investors and hedge funds.

Lucid Group Company Profile

Lucid Group, Inc a technology company, designs, engineers, manufactures, and sells electric vehicles (EV), EV powertrains, and battery systems. It also designs and develops proprietary software in-house for Lucid vehicles. The company sells vehicles directly to consumers through its retail sales network and direct online sales, including Lucid Financial Services.