Lucid Group (NASDAQ:LCID) Stock Price Down 3.7% – What’s Next?

Lucid Group, Inc. (NASDAQ:LCID) was down 3.7% during mid-day trading on Friday . The stock traded as low as $5.90 and last traded at $6.04. Approximately 13,278,249 shares traded hands during mid-day trading, an increase of 16% from the average daily volume of 11,419,399 shares. The stock had previously closed at $6.27.

Analyst Ratings Changes

A number of research analysts recently commented on LCID shares. Benchmark downgraded Lucid Group from a “buy” rating to a “hold” rating in a research note on Wednesday, May 6th. TD Cowen cut their target price on Lucid Group from $10.00 to $7.00 and set a “hold” rating on the stock in a research note on Wednesday, May 6th. Morgan Stanley set a $5.00 price target on shares of Lucid Group in a report on Wednesday, May 6th. Robert W. Baird set a $6.00 price target on shares of Lucid Group in a research report on Wednesday, May 6th. Finally, Bank of America began coverage on shares of Lucid Group in a report on Wednesday, March 4th. They issued an “underperform” rating and a $10.00 price objective on the stock. One investment analyst has rated the stock with a Buy rating, seven have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus target price of $9.67.

Lucid Group Stock Performance

The firm has a market capitalization of $2.36 billion, a price-to-earnings ratio of -0.46 and a beta of 0.88. The company has a 50-day moving average price of $8.45 and a 200-day moving average price of $10.91. The company has a quick ratio of 0.48, a current ratio of 1.02 and a debt-to-equity ratio of 3.00.

Lucid Group (NASDAQ:LCID) last posted its earnings results on Tuesday, May 5th. The company reported ($3.46) EPS for the quarter, missing the consensus estimate of ($2.53) by ($0.93). Lucid Group had a negative net margin of 248.09% and a negative return on equity of 304.01%. The business had revenue of $282.47 million during the quarter, compared to analyst estimates of $358.46 million. During the same quarter in the prior year, the business earned ($0.20) earnings per share. The firm’s revenue was up 20.2% compared to the same quarter last year. As a group, equities research analysts forecast that Lucid Group, Inc. will post -10.75 earnings per share for the current year.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds and other institutional investors have recently modified their holdings of LCID. Brown Advisory Inc. grew its position in Lucid Group by 47.5% in the 2nd quarter. Brown Advisory Inc. now owns 15,530 shares of the company’s stock valued at $33,000 after buying an additional 5,000 shares in the last quarter. Jump Financial LLC bought a new stake in shares of Lucid Group during the 2nd quarter worth about $41,000. Worldquant Millennium Advisors LLC bought a new stake in shares of Lucid Group during the 2nd quarter worth about $59,000. Leonteq Securities AG acquired a new stake in shares of Lucid Group in the 4th quarter worth approximately $67,000. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in shares of Lucid Group in the 4th quarter worth approximately $77,000. 75.17% of the stock is currently owned by institutional investors.

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.