Lucid Group (NASDAQ:LCID) Shares Down 4.5%

Lucid Group, Inc. (NASDAQ:LCID) shares traded down 4.5% on Monday . The company traded as low as $2.31 and last traded at $2.34. 8,643,018 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 34,384,891 shares. The stock had previously closed at $2.45.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Morgan Stanley restated an “underweight” rating and issued a $3.00 price target on shares of Lucid Group in a report on Monday, March 25th. Robert W. Baird cut their target price 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. 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 research note on Thursday, February 22nd. Citigroup reissued a “neutral” rating and issued a $2.90 target price on shares of Lucid Group in a report on Monday. Finally, Stifel Nicolaus cut their target price on shares of Lucid Group from $5.00 to $4.00 and set a “hold” rating on the stock in a report on Monday, February 26th. Three research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. Based on data from MarketBeat, Lucid Group currently has an average rating of “Hold” and a consensus price target of $4.34.

Lucid Group Stock Performance

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 firm’s 50-day simple moving average is $2.92 and its two-hundred day simple moving average is $3.64.

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

Institutional Investors Weigh In On Lucid Group

A number of institutional investors have recently modified their holdings of LCID. Vontobel Holding Ltd. boosted its stake in shares of Lucid Group by 150.4% during the 3rd quarter. Vontobel Holding Ltd. now owns 160,585 shares of the company’s stock valued at $898,000 after buying an additional 96,451 shares during the period. Dynamic Advisor Solutions LLC boosted its stake in shares of Lucid Group by 27.1% during the 3rd quarter. Dynamic Advisor Solutions LLC now owns 20,703 shares of the company’s stock valued at $116,000 after buying an additional 4,409 shares during the period. DnB Asset Management AS boosted its stake in shares of Lucid Group by 4.7% during 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. Naples Global Advisors LLC acquired a new stake in shares of Lucid Group during the 3rd quarter valued at $287,000. Finally, Newbridge Financial Services Group Inc. boosted its stake in shares of Lucid Group by 24.3% during the 3rd 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. Institutional investors and hedge funds 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.