Lucid Group (NASDAQ:LCID) Stock Price Down 0.4% on Analyst Downgrade

Shares of Lucid Group, Inc. (NASDAQ:LCID) traded down 0.4% during trading on Thursday after Stifel Nicolaus lowered their price target on the stock from $4.00 to $3.00. Stifel Nicolaus currently has a hold rating on the stock. Lucid Group traded as low as $2.67 and last traded at $2.70. 5,843,683 shares were traded during trading, a decline of 82% from the average session volume of 32,804,461 shares. The stock had previously closed at $2.71.

Several other brokerages also recently issued reports on LCID. Bank of America decreased their target price on Lucid Group from $7.00 to $4.50 and set a “neutral” rating on the stock in a research note on Thursday, February 22nd. Citigroup restated a “neutral” rating and set a $2.90 target price on shares of Lucid Group in a research report on Monday, April 22nd. Cantor Fitzgerald cut shares of Lucid Group from a “neutral” rating to an “underweight” rating and decreased their price target for the stock from $6.00 to $4.00 in a research note on Thursday, February 22nd. Needham & Company LLC restated a “hold” rating on shares of Lucid Group in a research report on Tuesday. Finally, Morgan Stanley reaffirmed an “underweight” rating and issued a $3.00 target price on shares of Lucid Group in a report on Monday, March 25th. Three investment analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. According to MarketBeat, Lucid Group has a consensus rating of “Hold” and a consensus price target of $4.24.

Institutional Trading of Lucid Group

Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in shares of Lucid Group by 12.4% during the 4th quarter. Vanguard Group Inc. now owns 83,250,900 shares of the company’s stock worth $350,486,000 after acquiring an additional 9,175,312 shares during the period. Norges Bank purchased a new stake in shares of Lucid Group during the 4th quarter valued at approximately $22,208,000. Hsbc Holdings PLC grew its position in Lucid Group by 496.8% in the fourth quarter. Hsbc Holdings PLC now owns 2,283,294 shares of the company’s stock worth $9,587,000 after acquiring an additional 1,900,730 shares during the period. Invesco Ltd. increased its position in shares of Lucid Group by 41.8% during the 3rd quarter. Invesco Ltd. now owns 5,986,732 shares of the company’s stock worth $33,466,000 after purchasing an additional 1,763,443 shares during the last quarter. Finally, Jump Financial LLC acquired a new position in Lucid Group in the third quarter valued at about $6,230,000. Hedge funds and other institutional investors own 75.17% of the company’s stock.

Lucid Group Stock Down 0.7 %

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 has a market capitalization of $6.19 billion, a PE ratio of -1.93 and a beta of 1.04. The business’s 50 day moving average price is $2.75 and its 200-day moving average price is $3.47.

Lucid Group (NASDAQ:LCID) last announced its earnings results on Monday, May 6th. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.05). Lucid Group had a negative return on equity of 57.00% and a negative net margin of 475.15%. The business had revenue of $172.74 million for the quarter, compared to analysts’ expectations of $173.54 million. During the same period in the previous year, the company earned ($0.43) earnings per share. Lucid Group’s quarterly revenue was up 15.6% on a year-over-year basis. As a group, equities research analysts forecast that Lucid Group, Inc. will post -1.06 earnings per share for the current year.

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.