Lucid Group (NASDAQ:LCID) Stock Price Down 10.8% on Disappointing Earnings

Lucid Group, Inc. (NASDAQ:LCID)’s stock price was down 10.8% on Tuesday following a dissappointing earnings announcement. The company traded as low as $2.70 and last traded at $2.72. Approximately 13,504,108 shares changed hands during trading, a decline of 59% from the average daily volume of 32,964,336 shares. The stock had previously closed at $3.05.

The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05). The business had revenue of $172.74 million during the quarter, compared to the consensus estimate of $173.54 million. Lucid Group had a negative return on equity of 57.00% and a negative net margin of 475.15%. The company’s quarterly revenue was up 15.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.43) earnings per share.

Analysts Set New Price Targets

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

Institutional Trading of Lucid Group

Several large investors have recently added to or reduced their stakes in LCID. GAMMA Investing LLC acquired a new stake in Lucid Group in the 4th quarter worth approximately $28,000. Norden Group LLC acquired a new position in Lucid Group in the 1st quarter valued at approximately $32,000. Summit Trail Advisors LLC bought a new stake in shares of Lucid Group in the 1st quarter worth approximately $35,000. UniSuper Management Pty Ltd boosted its stake in Lucid Group by 127.6% during the third quarter. UniSuper Management Pty Ltd now owns 6,600 shares of the company’s stock worth $37,000 after buying an additional 3,700 shares in the last quarter. Finally, Banque Cantonale Vaudoise acquired a new stake in shares of Lucid Group during the 3rd quarter valued at about $38,000. 75.17% of the stock is owned by institutional investors.

Lucid Group Trading Down 11.1 %

The company has a debt-to-equity ratio of 0.43, a current ratio of 4.72 and a quick ratio of 4.03. The business’s 50 day simple moving average is $2.77 and its 200 day simple moving average is $3.50. The stock has a market cap of $6.23 billion, a P/E ratio of -1.94 and a beta of 1.04.

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.