Lucid Group (NASDAQ:LCID) Shares Down 5.1%

Lucid Group, Inc. (NASDAQ:LCID)’s share price was down 5.1% during mid-day trading on Thursday . The company traded as low as $2.40 and last traded at $2.42. Approximately 4,843,329 shares traded hands during trading, a decline of 86% from the average daily volume of 33,895,422 shares. The stock had previously closed at $2.55.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on LCID shares. Bank of America dropped their target price on shares of Lucid Group from $7.00 to $4.50 and set a “neutral” rating for the company in a report on Thursday, February 22nd. Cantor Fitzgerald lowered shares of Lucid Group from a “neutral” rating to an “underweight” rating and dropped their price objective for the company from $6.00 to $4.00 in a report on Thursday, February 22nd. Robert W. Baird dropped their price objective on shares of Lucid Group from $6.00 to $4.00 and set a “neutral” rating for the company in a report on Thursday, February 22nd. Stifel Nicolaus dropped their price objective 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. Finally, Citigroup reissued a “neutral” rating and issued a $2.90 price objective on shares of Lucid Group in a report on Monday, April 22nd. Three analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $4.34.

Lucid Group Price Performance

The firm has a market cap of $5.66 billion, a price-to-earnings ratio of -1.76 and a beta of 1.01. The company has a quick ratio of 4.03, a current ratio of 4.72 and a debt-to-equity ratio of 0.43. The company’s 50-day moving average price is $2.85 and its 200-day moving average price is $3.60.

Lucid Group (NASDAQ:LCID) last issued its quarterly earnings results on Wednesday, February 21st. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.01). The business had revenue of $157.20 million for the quarter, compared to analyst estimates of $179.88 million. Lucid Group had a negative return on equity of 57.00% and a negative net margin of 475.15%. The firm’s revenue for the quarter was down 39.0% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.40) EPS. On average, equities research analysts forecast that Lucid Group, Inc. will post -1.06 EPS for the current year.

Institutional Trading of Lucid Group

Hedge funds have recently made changes to their positions in the business. UniSuper Management Pty Ltd lifted its position in shares of 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 purchasing an additional 3,700 shares in the last quarter. GAMMA Investing LLC acquired a new stake in Lucid Group in the fourth quarter valued at approximately $28,000. Banque Cantonale Vaudoise acquired a new stake in Lucid Group in the third quarter valued at approximately $38,000. China Universal Asset Management Co. Ltd. raised its holdings in Lucid Group by 309.1% in the third quarter. China Universal Asset Management Co. Ltd. now owns 8,468 shares of the company’s stock valued at $47,000 after acquiring an additional 6,398 shares in the last quarter. Finally, Capital Performance Advisors LLP acquired a new stake in Lucid Group in the fourth quarter valued at approximately $43,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

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.