Lucid Group (NASDAQ:LCID) Trading Down 4.2% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID)’s stock price was down 4.2% during mid-day trading on Thursday . The stock traded as low as $9.56 and last traded at $9.84. Approximately 7,422,573 shares were traded during trading, a decline of 3% from the average daily volume of 7,669,593 shares. The stock had previously closed at $10.27.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on LCID shares. Zacks Research cut Lucid Group from a “hold” rating to a “strong sell” rating in a research report on Thursday, January 22nd. Cantor Fitzgerald reduced their target price on Lucid Group from $21.00 to $14.00 and set a “neutral” rating for the company in a report on Wednesday, February 25th. Robert W. Baird set a $14.00 price target on Lucid Group in a research report on Tuesday, January 6th. Bank of America assumed coverage on shares of Lucid Group in a report on Wednesday. They issued an “underperform” rating and a $10.00 price target on the stock. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a report on Monday, December 29th. One analyst has rated the stock with a Buy rating, five have assigned a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Reduce” and a consensus price target of $18.50.

Lucid Group Stock Down 4.2%

The company has a current ratio of 1.25, a quick ratio of 0.83 and a debt-to-equity ratio of 3.00. The stock’s fifty day moving average price is $10.60 and its 200 day moving average price is $15.31. The stock has a market cap of $3.19 billion, a P/E ratio of -0.81 and a beta of 1.12.

Lucid Group (NASDAQ:LCID) last announced its quarterly earnings data on Tuesday, February 24th. The company reported ($3.08) EPS for the quarter, missing the consensus estimate of ($2.49) by ($0.59). The firm had revenue of $522.73 million for the quarter, compared to the consensus estimate of $473.08 million. Lucid Group had a negative net margin of 207.87% and a negative return on equity of 138.82%. Lucid Group’s revenue for the quarter was up 122.9% compared to the same quarter last year. During the same quarter last year, the company posted ($0.22) earnings per share. As a group, research analysts forecast that Lucid Group, Inc. will post -1.25 earnings per share for the current fiscal year.

Institutional Trading of Lucid Group

Institutional investors have recently added to or reduced their stakes in the business. Valeo Financial Advisors LLC increased its holdings in shares of Lucid Group by 9.7% in the second quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock worth $25,000 after buying an additional 1,055 shares during the period. Jain Global LLC increased its stake in Lucid Group by 13.3% in the 4th quarter. Jain Global LLC now owns 10,220 shares of the company’s stock worth $108,000 after purchasing an additional 1,200 shares during the period. The Manufacturers Life Insurance Company increased its stake in Lucid Group by 3.7% in the 4th quarter. The Manufacturers Life Insurance Company now owns 37,146 shares of the company’s stock worth $393,000 after purchasing an additional 1,336 shares during the period. Mercer Global Advisors Inc. ADV lifted its position in Lucid Group by 11.8% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 13,590 shares of the company’s stock valued at $144,000 after purchasing an additional 1,430 shares during the last quarter. Finally, SBI Securities Co. Ltd. boosted its stake in shares of Lucid Group by 9.6% during the fourth quarter. SBI Securities Co. Ltd. now owns 17,970 shares of the company’s stock valued at $190,000 after purchasing an additional 1,569 shares during the period. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

Lucid Group Company Profile

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.