Lucid Group (NASDAQ:LCID) Stock Price Down 2.8%

Lucid Group, Inc. (NASDAQ:LCID) dropped 2.8% on Monday . The company traded as low as $2.41 and last traded at $2.42. Approximately 5,655,744 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 35,548,340 shares. The stock had previously closed at $2.49.

Analyst Upgrades and Downgrades

LCID has been the subject of a number of research analyst reports. Cantor Fitzgerald lowered shares of Lucid Group from a “neutral” rating to an “underweight” rating and reduced their target price for the stock from $6.00 to $4.00 in a research note on Thursday, February 22nd. Robert W. Baird reduced their target price on shares of Lucid Group from $6.00 to $4.00 and set a “neutral” rating for the company in a research note on Thursday, February 22nd. Morgan Stanley reaffirmed an “underweight” rating and issued a $3.00 target price on shares of Lucid Group in a research note on Monday, March 25th. Bank of America reduced their price objective on shares of Lucid Group from $7.00 to $4.50 and set a “neutral” rating for the company in a research note on Thursday, February 22nd. Finally, Stifel Nicolaus reduced their price objective on shares of Lucid Group from $5.00 to $4.00 and set a “hold” rating for the company in a research note on Monday, February 26th. Three analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $4.80.

Lucid Group Price Performance

The company’s 50 day moving average is $3.02 and its 200-day moving average is $3.74. The company has a quick ratio of 4.03, a current ratio of 4.72 and a debt-to-equity ratio of 0.43.

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

Institutional Investors Weigh In On Lucid Group

Several hedge funds have recently bought and sold shares of LCID. US Bancorp DE raised its holdings in Lucid Group by 67.6% in the 1st quarter. US Bancorp DE now owns 14,017 shares of the company’s stock valued at $356,000 after acquiring an additional 5,654 shares during the period. PNC Financial Services Group Inc. raised its holdings in Lucid Group by 16.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 19,005 shares of the company’s stock valued at $482,000 after acquiring an additional 2,661 shares during the period. Panagora Asset Management Inc. bought a new position in Lucid Group in the 1st quarter valued at about $383,000. BlackRock Inc. raised its holdings in Lucid Group by 23.7% in the 1st quarter. BlackRock Inc. now owns 15,623,711 shares of the company’s stock valued at $396,842,000 after acquiring an additional 2,990,659 shares during the period. Finally, Vontobel Holding Ltd. bought a new position in Lucid Group in the 1st quarter valued at about $400,000. 75.17% of the stock is currently 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.