Lucid Group (NASDAQ:LCID) Trading Down 3.5% Following Analyst Downgrade

Lucid Group, Inc. (NASDAQ:LCID)’s share price traded down 3.5% on Friday after Zacks Research downgraded the stock from a hold rating to a strong sell rating. The company traded as low as $10.92 and last traded at $11.0660. 6,463,938 shares changed hands during trading, a decline of 25% from the average session volume of 8,653,850 shares. The stock had previously closed at $11.47.

Several other equities analysts have also recently issued reports on LCID. Royal Bank Of Canada lowered their price objective on shares of Lucid Group from $20.00 to $14.00 and set a “sector perform” rating on the stock in a research note on Wednesday, January 14th. Weiss Ratings restated a “sell (e+)” rating on shares of Lucid Group in a report on Monday, December 29th. Stifel Nicolaus dropped their price target on Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a report on Monday, November 17th. Cantor Fitzgerald reissued an “overweight” rating on shares of Lucid Group in a research note on Wednesday, November 19th. Finally, Robert W. Baird set a $14.00 target price on Lucid Group in a report on Tuesday, January 6th. Two equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and five have issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Reduce” and a consensus price target of $18.92.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Tudor Investment Corp ET AL acquired a new stake in Lucid Group during the 3rd quarter worth about $1,361,978,000. Geode Capital Management LLC lifted its position in shares of Lucid Group by 7.4% in the second quarter. Geode Capital Management LLC now owns 22,642,839 shares of the company’s stock worth $47,784,000 after purchasing an additional 1,554,419 shares in the last quarter. Uber Technologies Inc acquired a new stake in shares of Lucid Group during the third quarter worth approximately $326,283,000. Marshall Wace LLP boosted its holdings in shares of Lucid Group by 2,398.5% during the second quarter. Marshall Wace LLP now owns 12,652,537 shares of the company’s stock worth $26,697,000 after purchasing an additional 12,146,136 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Lucid Group by 39.2% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company’s stock valued at $25,973,000 after purchasing an additional 3,465,542 shares in the last quarter. 75.17% of the stock is owned by institutional investors and hedge funds.

Lucid Group Trading Down 3.5%

The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.34 and a current ratio of 1.81. The stock has a market cap of $3.59 billion, a price-to-earnings ratio of -1.03 and a beta of 0.89. The company’s 50 day simple moving average is $11.87 and its two-hundred day simple moving average is $18.17.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings results on Wednesday, November 5th. The company reported ($2.65) EPS for the quarter, missing the consensus estimate of ($2.32) by ($0.33). Lucid Group had a negative net margin of 224.99% and a negative return on equity of 85.13%. The company had revenue of $336.58 million for the quarter, compared to analysts’ expectations of $378.44 million. During the same quarter in the prior year, the firm earned ($2.76) earnings per share. The company’s revenue was up 68.3% on a year-over-year basis. Research analysts expect that Lucid Group, Inc. will post -1.25 EPS for the current fiscal year.

About Lucid Group

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.