Lucid Group (NASDAQ:LCID) Trading Down 5.1%

Lucid Group, Inc. (NASDAQ:LCID)’s stock price traded down 5.1% during trading on Thursday . The stock traded as low as $2.40 and last traded at $2.42. 4,843,329 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 33,895,422 shares. The stock had previously closed at $2.55.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Bank of America decreased their price objective on shares of Lucid Group from $7.00 to $4.50 and set a “neutral” rating for the company in a report on Thursday, February 22nd. Morgan Stanley reiterated an “underweight” rating and set a $3.00 price target on shares of Lucid Group in a research report on Monday, March 25th. Stifel Nicolaus lowered their price objective on Lucid Group from $5.00 to $4.00 and set a “hold” rating for the company in a research note on Monday, February 26th. Robert W. Baird dropped their price target on shares of Lucid Group from $6.00 to $4.00 and set a “neutral” rating on the stock in a research note on Thursday, February 22nd. Finally, Citigroup reaffirmed a “neutral” rating and issued a $2.90 price objective on shares of Lucid Group in a report on Monday. Three equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $4.34.

Lucid Group Stock Performance

The firm’s 50 day moving average price is $2.90 and its 200-day moving average price is $3.63. The firm has a market cap of $5.64 billion, a price-to-earnings ratio of -1.73 and a beta of 1.01. The company has a debt-to-equity ratio of 0.43, a current ratio of 4.72 and a quick ratio of 4.03.

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

Institutional Trading of Lucid Group

Several institutional investors and hedge funds have recently made changes to their positions in the business. DnB Asset Management AS grew its holdings in shares of Lucid Group by 4.7% in the 3rd quarter. DnB Asset Management AS now owns 139,913 shares of the company’s stock valued at $782,000 after buying an additional 6,229 shares during the period. Newbridge Financial Services Group Inc. boosted its holdings in shares of Lucid Group by 24.3% in the third quarter. Newbridge Financial Services Group Inc. now owns 19,443 shares of the company’s stock valued at $109,000 after buying an additional 3,803 shares during the period. Caprock Group LLC bought a new position in Lucid Group during the 3rd quarter worth about $58,000. Asset Management One Co. Ltd. raised its position in Lucid Group by 33.6% in the 3rd quarter. Asset Management One Co. Ltd. now owns 344,947 shares of the company’s stock valued at $1,928,000 after buying an additional 86,674 shares during the last quarter. Finally, Commonwealth Equity Services LLC raised its holdings in shares of Lucid Group by 32.1% in the third quarter. Commonwealth Equity Services LLC now owns 179,136 shares of the company’s stock valued at $1,001,000 after purchasing an additional 43,561 shares during the last quarter. Institutional investors own 75.17% of the company’s stock.

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.